Deals

Stonepeak to Acquire LNG Tanker Firm Teekay for $1.5 Billion

Deal comes as liquefied natural gas prices rise to a record
Teekay has interests in 47 LNG tankers and 21 LPG carriers

Poland Receives First Delivery of U.S. Liquid Natural Gas — Photographer: Bartek Sadowski/Bloomberg

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By Simon Casey, Ed Hammond, and Gillian Tan

October 4, 2021 at 12:42 PM UTC

Updated on

October 4, 2021 at 3:03 PM UTC

This article is for subscribers only.

Stonepeak Partners LP agreed to pay about $1.5 billion for liquefied natural gas tanker company Teekay LNG Partners amid shortage-driven price spikes for the fuel in Asia and Europe.

The investment firm will pay $17 per common unit of U.S.-listed Teekay, both companies said Monday in a statement, confirming deal talks reported earlier by Bloomberg News. The units rose 8.7% to $17.06 at 10:58 a.m. in New York.