Blackstone-led consortium announces US$3.1B investment in Mitsubishi Corporation’s LNG Canada interest

On November 2, 2026, Blackstone Credit & Insurance (“BXCI”) and a group of financial investors announced a US$3.1 billion investment in a Mitsubishi Corporation (“MC”) subsidiary that holds MC’s interest in LNG Canada. Funds managed by BXCI, together with Canada Pension Plan Investment Board, through wholly owned subsidiaries of CPPIB Credit Investments Inc., Ontario Municipal Employees Retirement System, the Investment Management Corporation of Ontario, the Public Sector Pension Investment Board and other institutions, are making the investment to acquire a 49.9% non-controlling interest in the MC subsidiary. The investment includes funding for LNG Canada’s Phase 2 expansion, which is expected to double the facility’s production capacity.

LNG Canada is a large-scale liquefied natural gas export terminal in Canada.

Blackstone is an alternative asset manager headquartered in New York, NY.

Milbank LLP served as U.S. counsel to the investor consortium.

McCarthy Tétrault LLP advised the investor consortium as Canadian counsel with a team led by Jonathan D. See, Jeremy Pleasant and Haiya Peng that includes Sheema Rezaei, Maneet Kahlon (Business Law), Jamey Gage, Heather L. Meredith, Meena Alnajar (Bankruptcy & Restructuring), Marie-Soleil Landry, Geneviève Lille (Tax), Eve Tessier, Candace Pallone, Simon Lidster, Marwan El-Sayegh (Financial Services), Thomas McInerney, Terri-Lee Oleniuk, Kerry Kaukinen (Projects, Regulatory and Indigenous), Michael J. Eldridge (Capital Markets), Michael Caldecott, Vivian Ng (Competition/Antitrust & Foreign Investment), John W. Boscariol, Oksana Migitko (International Trade and Investment Law), Brian Allen Lipson, Connor O'Brien (Transportation), Geoff R. Hall (Litigation), Conrad Lee (Technology), and Robert Antonecchia (PPSA Clerk).