Which three private equity firms are competing to buy Shell's stake in LNG Canada, and how much could the deal be worth?

Apollo Global Management, Blackstone, and KKR are the three remaining bidders vying for a significant portion of Shell's 40% stake in LNG Canada; the deal is expected to be valued 'well north of $10 billion' and 'could reach as high as $15 billion' according to sources familiar with the confidential auction process.

Why is Shell selling part of its stake in LNG Canada, and what strategic context surrounds this move?

Shell is selling part of its stake to generate cash from lower-return assets and where it is 'not the natural owner', aligning with its broader capital allocation strategy — especially as it simultaneously announced a $16.4 billion acquisition of Canadian natural gas producer ARC Resources; the sale also aims to attract new capital ahead of LNG Canada's possible expansion, and Shell plans to sell exposure in both the first and second phases to a single bidder rather than splitting them.

Apollo, Blackstone, and KKR Vie for Shell Stake in LNG Canada

Apr 29, 2026

Apollo, Blackstone, and KKR are competing to acquire a significant stake in Shell's LNG Canada project in a deal potentially worth up to $15 billion. The transaction aims to attract capital ahead of expansion while Shell seeks cash from lower-return assets.

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