Stonepeak Partners LP agreed to pay about $1.5 billion to acquire Teekay LNG Partners, a leading supplier of seaborne tankers carrying liquefied natural gas, a commodity currently seeing a dramatic price spike amid shortages Asia and Europe.

The investment firm will pay $17 per common unit of U.S.-listed Teekay, both companies said in a statement, confirming deal talks reported earlier by Bloomberg News.

LNG spot prices in Asia hit a record last week as competition heats up between Asia and Europe ahead of peak demand during the winter season, with storage levels already at multi-year lows. Demand for the super-chilled fuel is also projected to rise strongly in coming years as countries cut their use of dirtier fossil fuels such as coal and oil.

Teekay has interests in 47 LNG carriers and 21 mid-size LPG carriers, plus seven multi-gas carriers, according to the statement.

Including debt, the deal is valued at about $6.2 billion. Morgan Stanley is Teekay’s financial advisor and Squire Patton Boggs LLP and Perkins Coie LLP are its legal advisers. Houlihan Lokey Capital Inc. is financial adviser and Potter Anderson & Corroon LLP legal adviser to the conflicts committee of Teekay’s general partner, Teekay GP. DNB Markets is financial adviser to Stonepeak and Simpson Thacher is its legal adviser.