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Mitsubishi Corp has agreed to acquire shale gas production and infrastructure assets in Texas and Louisiana for US$7.53 billion, marking the Japanese trading house's largest-ever deal as it deepens its exposure to natural gas amid rising global demand.
The transaction will see Mitsubishi take over the US operations of privately held Aethon Energy Management, giving it a sizeable upstream and midstream footprint close to the Gulf Coast and liquefied natural gas export terminals under development.
Under the terms of the agreement, Mitsubishi will pay US$5.2 billion for Aethon's equity interests and assume US$2.33 billion in net interest-bearing debt. The company said the acquisition would strengthen its gas value chain across production, logistics and exports.
The deal reflects a broader shift among Japanese energy groups, as Tokyo positions natural gas as a key transition fuel beyond 2050 while bracing for rising electricity demand driven by data centres and artificial intelligence workloads.
Mitsubishi already holds a prominent position in the global LNG market, with interests spanning upstream production, trading and shipping. Its portfolio includes stakes in projects across Asia, the Middle East, Australia, Russia, the US and Canada, amounting to equity LNG output of about 15 million metric tonnes annually.
Aethon's assets are concentrated in the Haynesville shale basin in Louisiana and East Texas, one of North America's most prolific gas formations. The company has grown into one of the largest privately owned US gas producers, with output of roughly 2.1 billion cubic feet per day, equivalent to about 15 million tonnes of LNG per year.
Mitsubishi said it had reached an agreement with Aethon's shareholders, including Ontario Teachers' Pension Plan and RedBird Capital Partners. The deal is expected to close in the April to June quarter, subject to regulatory approvals.
Funding will come from a mix of cash and debt, according to a company spokesperson.
The acquisition follows a string of US energy investments by Japanese firms. In recent months, JERA agreed to buy American gas assets for US$1.5 billion, while Japan Petroleum Exploration struck a US$1.3 billion deal for tight oil and gas holdings.
