Mitsubishi Corporation is reportedly in advanced talks to acquire assets from Dallas-based Aethon Energy Management in a deal that could reach nearly $8 billion—marking the Japanese trading house’s largest-ever acquisition. If finalized, the move would surpass Mitsubishi’s $5.4 billion investment in Anglo American’s unit in 2011, according to Bloomberg data.
Sources familiar with the matter indicate the deal could be announced within months, though no final agreement has been reached and discussions remain fluid. Mitsubishi has acknowledged the reports but stated that no official decision has been made. Aethon has declined to comment, and competing bidder Abu Dhabi National Oil Company (Adnoc), which had expressed interest earlier this year, has remained silent on the current status.
Aethon holds major natural gas assets in the Haynesville Shale basin spanning East Texas and northern Louisiana, positioning it near key LNG export terminals on the U.S. Gulf Coast. This location provides strategic value for a buyer like Mitsubishi, as global demand for liquefied natural gas (LNG) accelerates amid energy security concerns and rising consumption in Asia.
Analysts see the potential acquisition as part of Japan’s broader push to secure stable energy sources. Shuji Hosoi of Daiwa Securities noted, “Everything related to energy is generally positive,” especially with Japan’s power demand surging due to increased use of data centers and artificial intelligence applications. Still, Hosoi warned that investors remain cautious about high-priced deals following Nippon Steel’s $14.9 billion acquisition of U.S. Steel earlier this year.
Norikazu Shimizu of IwaiCosmo Securities added that while long-term LNG demand remains promising, market volatility may challenge short-term returns. The Aethon deal comes at a time when Japanese trading houses—buoyed by Berkshire Hathaway’s stake in five of the largest firms—are outperforming domestic benchmarks and expanding aggressively into overseas markets.
If completed, the Aethon acquisition would signal Mitsubishi’s intent to strengthen its LNG portfolio and reinforce Japan’s energy resilience. It would also cement the company’s presence in the U.S. shale gas sector at a time when the global race to secure clean and reliable energy is intensifying.
