WASHINGTON (dpa-AFX) - Blackstone Inc. (BX) said Monday that funds managed by its Credit & Insurance division, together with Canadian institutional investors, have agreed to acquire a 49.9% interest in a Mitsubishi Corporation subsidiary holding its stake in the LNG Canada liquefaction business for $3.1 billion.
The investor group includes Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System, Investment Management Corporation of Ontario and Public Sector Pension Investment Board.
Mitsubishi Corporation will remain the controlling partner and retain its full share of LNG offtake.
LNG Canada is the country's first and only large-scale liquefied natural gas export terminal. Once completed, its Phase 2 expansion is expected to double production capacity to 28 million tonnes per annum, making it one of the world's largest LNG facilities.
On the NYSE, Blackstone shares closed down 1.73% at $118.51 on Friday.
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