TOKYO (dpa-AFX) - Japanese conglomerate Mitsubishi Corp. (MBC.L, MSBHY.PK) announced Friday that it has agreed to acquire Haynesville Shale Gas Business in Louisiana and Texas from Aethon Energy Management and its existing stakeholders for a total equity investment of around $5.2 billion.
The transaction involves all equity interests in Aethon III LLC, Aethon United LP, and related entities and interests.
The acquisition of assets from Aethon and stakeholders including Ontario Teachers' Pension Plan, RedBird Capital Partners, is expected to close in the first quarter of Japan's fiscal year, subject to customary regulatory approvals.
With the deal, Mitsubishi said it enters into the U.S. shale gas business across the value chain, from upstream ownership through domestic sales and export of produced gas.
Aethon's shale gas assets are primarily located in the Haynesville Shale formation, spanning Texas and Louisiana. These assets currently produce approximately 2.1 Bcf/d of natural gas, which is equivalent to about 15 million tons per year of LNG.
According to the company, the investment is expected to strengthen the earnings base of its natural gas and LNG businesses, as well as accelerate efforts to build an integrated value chain in the United States.
In Tokyo, Mitsubishi Corp. shares were trading at 4,075.00 yen, down 1.52%.
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