Blackstone group buys Mitsubishi LNG Canada stake for $3.1 billion

An investor group led by Blackstone has agreed to buy 49.9 percent of Mitsubishi Corporation's LNG Canada holding for $3.1 billion, with four Canadian pension funds in the consortium.

Why it matters: The sale cuts Mitsubishi's effective interest in Canada's first LNG export plant roughly in half weeks after the partners approved the Phase 2 expansion, and it puts Canadian pension capital inside the project's ownership for the first time.

Data as of Bloomberg report of November 2, 2026 (00:31 EST), read in this run; the article is paywalled past its opening paragraphs, and Reuters carried the same report citing a statement. No company release was read directly in this run, so closing terms and the basis of the $3.1 billion figure are not yet confirmed. Mitsubishi's 15 percent project interest, held through Diamond LNG Canada Partnership, is from LNG Canada's Phase 2 announcement of September 28, 2026.

An investor group led by Blackstone Inc. has agreed to acquire a stake in LNG Canada’s liquefaction business from a subsidiary of Mitsubishi Corporation for $3.1 billion, Bloomberg reported, citing a statement. The transaction covers 49.9 percent of the LNG Canada business owned by the Mitsubishi unit, and the consortium alongside Blackstone is Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System, Investment Management Corporation of Ontario and Public Sector Pension Investment Board.

Mitsubishi holds 15 percent of LNG Canada through Diamond LNG Canada Partnership, so the sale reduces its effective project interest to about 7.5 percent. The deal follows the joint venture partners’ final investment decision on September 28, 2026 to build the Phase 2 expansion, which doubles the Kitimat plant’s capacity from 14 to 28 million tonnes a year.

Blackstone group buys Mitsubishi LNG Canada stake for $3.1 billion

Sources