LNG Canada Stake Sells for Billions: Apollo, Blackstone, KKR in Running

Apollo Global Management, Blackstone, and KKR are vying for a significant stake in LNG Canada, a massive liquefied natural gas facility in North America. The trio of asset managers is battling it out to acquire a big portion of Shell's 40% stake in the project.

The sale is expected to be valued at over $10 billion and could reach as high as $15 billion. The allure for potential buyers has increased recently due to the Middle Eastern energy supply being throttled due to the U.S.-Iran war, benefiting North American energy assets.

Shell plans to sell exposure in the first and second phases of the project to one bidder, rather than splitting the two parts. Any one of Apollo, Blackstone, or KKR could ultimately win out, or Shell could retain some or all of the stake.