Blackstone and Canadian Pension Funds Buy 49.9% Stake in LNG Canada for $3.1 Billion

Blackstone and four Canadian pension funds will pay $3.1 billion for a 49.9% stake in LNG Canada, one of North America's largest LNG export projects.

A $3.1 billion deal is reshaping ownership of one of North America's most significant liquefied natural gas projects. Blackstone, through its Credit & Insurance funds, has agreed alongside four major Canadian institutional investors to acquire a 49.9% non-controlling interest in Mitsubishi Corporation's stake in LNG Canada, the large-scale export terminal under construction in Kitimat, British Columbia. The Canadian partners in the investor group are CPP Investments, OMERS, IMCO, and PSP Investments — four of the country's largest pension fund managers, collectively responsible for the retirement savings of millions of Canadians. The deal is structured as a non-controlling interest, meaning Mitsubishi retains operational influence while the investor group gains a significant financial stake. LNG Canada is a major export facility designed to ship liquefied natural gas from western Canada to Asian markets. The project has Shell as its lead operator and counts other partners including Petronas, PetroChina, and Mitsubishi among its ownership group. The facility at Kitimat represents one of the largest private sector infrastructure investments in Canadian history. The transaction reflects growing institutional appetite for long-term energy infrastructure assets, particularly LNG facilities positioned to supply Asian demand. No closing date was specified in the announcement, and typical regulatory and closing conditions are expected to apply.

Why it matters

The deal channels billions in pension capital into a major LNG export project at a time when global demand for non-Russian gas supplies remains elevated. It also signals continued large-scale institutional confidence in long-duration fossil fuel infrastructure investments.

What's next

The deal is subject to standard regulatory approvals and closing conditions, though no specific timeline has been announced.

Key facts

• Total investment value is $3.1 billion for a 49.9% non-controlling interest
• The seller is Mitsubishi Corporation, one of LNG Canada's existing ownership partners
• Canadian pension funds CPP Investments, OMERS, IMCO, and PSP Investments are all part of the buying group
• LNG Canada is located in Kitimat, British Columbia, and is operated by Shell
• The facility is designed to export liquefied natural gas to Asian markets
• Blackstone is investing through its Credit & Insurance fund division, not its private equity arm

Bias & framing notes

Only one source was available, an investor-relations style report from InvestingNews that closely mirrors the official press release language. There is no independent corroboration or critical perspective on the deal's valuation or terms. The framing is entirely promotional, with no commentary from analysts, critics, or regulators.

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