Blackstone Inc is leading a group of investors purchasing a $3.1 billion stake in LNG Canada.
They’re actually buying a 49.9 percent interest in a Mitsubishi subsidiary that manages their stake in the project.
In total, Mitsubishi owns 15 percent of the project, and will remain the controlling partner.
The other four investors involved with Blackstone are all major Canadian pension funds.
The shares they’re purchasing are worth about $1.6 billion, with the remaining investment going towards capital for Phase Two.
Mitsubishi and Shell had been looking to sell off a portion of their shares to raise funds for the expansion.
It received its final investment decision in September, and is looking to double export capacity at the Kitimat facility.
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