Mitsubishi Corp. has agreed to acquire the US natural gas and pipeline assets of Aethon Energy Management LLC for $5.2 billion, marking the largest acquisition by a Japanese company in the US shale gas sector.
In a statement released on Friday, Mitsubishi Corp. announced that Aethon III LLC, Aethon United LP, and their related entities and interests will be sold to the Japanese trading house. The companies have been negotiating this transaction since at least the middle of 2025.
Japanese energy firms are actively seeking to expand their presence in the US oil and gas market, following renewed support from the administration of US President Donald Trump. The Trump administration has been pressuring Tokyo to increase its investments in North America. This move also signifies Mitsubishi Corp.'s commitment to bolstering investment in one of its most profitable businesses: natural gas.
According to a separate statement, Mitsubishi Corp. will invest $5.2 billion in these assets. When combined with Aethon's $2.33 billion in debt, this gives the company an enterprise value of $7.5 billion. Aethon Energy Management retains the right to repurchase up to 25% of Aethon's upstream and midstream assets.
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