Private investment firm Stonepeak Infrastructure Partners is expanding its reach in the liquefied natural gas (LNG) shipping space with the takeover of Teekay LNG in a transaction valued at $6.2 billion.

LNG

The deal announced Monday would give New York-based Stonepeak access to the third-largest LNG carrier fleet in the world. Teekay owns or has stakes in 47 LNG carriers, 21 mid-size liquid petroleum gas carriers, and seven multi-gas carriers. Teekay said the purchase price of $17/share represented an 8.3% premium to its closing price last Friday (Oct. 1).

The transaction would give Teekay access to capital needed to renew and grow its fleet as new decarbonization rules are set to go into effect at the start of 2023.

“Under Stonepeak’s ownership, we expect Teekay LNG to have...