Key Takeaways
- • Blackstone has agreed to lead a $3.1bn investment in a Mitsubishi Corporation subsidiary that holds Mitsubishi's stake in LNG Canada, taking a 49.9% non-controlling interest alongside Canadian pension investors, according to Blackstone's announcement on 2 November 2026.
- • Canadian pension co-investors include CPP Investments, OMERS, IMCO and PSP Investments, with the investment led by Blackstone Credit & Insurance funds.
- • Separate Reuters-cited reporting values the immediate stake purchase from Mitsubishi at roughly $1.6bn, suggesting the $3.1bn figure includes future commitments tied to LNG Canada's Phase 2 expansion.
- • Mitsubishi is expected to retain its full LNG offtake and controlling position, so the investor group gains financial exposure rather than operational control.
- • The full transaction terms have not yet been disclosed in an SEC filing, so the $3.1bn figure should be treated as Blackstone's characterization of total committed investment.
Summary
Blackstone (NYSE: BX) has agreed to lead a $3.1bn investment in a Mitsubishi Corporation subsidiary that holds the Japanese trading house's stake in LNG Canada, the private equity firm said on 2 November 2026. Funds managed by Blackstone Credit & Insurance, together with Canadian pension investors including CPP Investments, OMERS, IMCO and PSP Investments, will take a 49.9% non-controlling interest in the subsidiary.
Blackstone's own release and the Wall Street Journal both put the headline figure at $3.1bn. Separate reporting citing Reuters, however, values the immediate stake purchase from Mitsubishi at roughly $1.6bn. The gap suggests the larger figure bundles the upfront purchase price with future capital commitments linked to LNG Canada's planned Phase 2 expansion, which aims to roughly double the terminal's export capacity to 28 million tonnes a year. Mitsubishi is expected to retain its full LNG offtake and remain the controlling partner, meaning the investor group is buying financial exposure to the asset rather than operational control. No 8-K disclosing the full terms had appeared in Blackstone's SEC filings as of the announcement, so the $3.1bn should be read as the firm's own characterization of total committed investment rather than a confirmed purchase price.
LNG Canada is Canada's first and only large-scale liquefied natural gas export terminal, a status Blackstone's release cited as central to the asset's appeal. CPP Investments' Geoff Souter, managing director and head of real assets credit, described the asset as "a high-quality, globally strategic asset with strong long-term fundamentals and attractive return potential." The transaction is led by Blackstone's Infrastructure and Asset Based Credit platform, which manages roughly $140bn across more than 100 investment professionals, according to the firm. The deal extends a pattern of Blackstone partnering with Canadian pension capital on large domestic infrastructure, including a CDN$7bn equity investment in Rogers Communications alongside similar institutional partners last year.
Blackstone reported net income of $1.23bn for the quarter ended 30 June 2026, with diluted EPS of $1.54, according to its 10-Q filing. That compares with quarterly net income of roughly $444m to $847m across 2024 and 2025, reflecting the lumpy nature of performance fees and realisations. Shares last traded at $119.10, up 0.61% on the day and 3.88% over 20 trading sessions, according to consolidated US exchange data cited by the Journal. The 10-year Treasury yield stood at 4.98% as of 29 October, down from 5.05% a day earlier, per FRED data, a move that lowers the relative cost of financing large infrastructure deals.
Attention now turns to whether Blackstone discloses the full terms in a future SEC filing, which would clarify how much of the $3.1bn represents cash paid to Mitsubishi versus capital earmarked for LNG Canada's Phase 2 expansion.
Blackstone's own release and the Wall Street Journal both put the headline figure at $3.1bn. Separate reporting citing Reuters, however, values the immediate stake purchase from Mitsubishi at roughly $1.6bn. The gap suggests the larger figure bundles the upfront purchase price with future capital commitments linked to LNG Canada's planned Phase 2 expansion, which aims to roughly double the terminal's export capacity to 28 million tonnes a year. Mitsubishi is expected to retain its full LNG offtake and remain the controlling partner, meaning the investor group is buying financial exposure to the asset rather than operational control. No 8-K disclosing the full terms had appeared in Blackstone's SEC filings as of the announcement, so the $3.1bn should be read as the firm's own characterization of total committed investment rather than a confirmed purchase price.
LNG Canada is Canada's first and only large-scale liquefied natural gas export terminal, a status Blackstone's release cited as central to the asset's appeal. CPP Investments' Geoff Souter, managing director and head of real assets credit, described the asset as "a high-quality, globally strategic asset with strong long-term fundamentals and attractive return potential." The transaction is led by Blackstone's Infrastructure and Asset Based Credit platform, which manages roughly $140bn across more than 100 investment professionals, according to the firm. The deal extends a pattern of Blackstone partnering with Canadian pension capital on large domestic infrastructure, including a CDN$7bn equity investment in Rogers Communications alongside similar institutional partners last year.
Blackstone reported net income of $1.23bn for the quarter ended 30 June 2026, with diluted EPS of $1.54, according to its 10-Q filing. That compares with quarterly net income of roughly $444m to $847m across 2024 and 2025, reflecting the lumpy nature of performance fees and realisations. Shares last traded at $119.10, up 0.61% on the day and 3.88% over 20 trading sessions, according to consolidated US exchange data cited by the Journal. The 10-year Treasury yield stood at 4.98% as of 29 October, down from 5.05% a day earlier, per FRED data, a move that lowers the relative cost of financing large infrastructure deals.
Attention now turns to whether Blackstone discloses the full terms in a future SEC filing, which would clarify how much of the $3.1bn represents cash paid to Mitsubishi versus capital earmarked for LNG Canada's Phase 2 expansion.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.