The AES Corporation has entered into a definitive agreement to be acquired by a consortium led by Global Infrastructure Partners, a part of BlackRock, and EQT Infrastructure VI, alongside co-underwriters CalPERS and Qatar Investment Authority, in an all-cash transaction valued at $15 per share.
The deal represents a total equity value of approximately $10.7 billion and an enterprise value of about $33.4 billion, including the assumption of existing debt. The $15.00 per share price reflects a 40.3% premium to AES’ 30-day volume weighted average share price prior to July 8, 2025, the last full trading day before the first media report of a potential acquisition.
Under the terms of the agreement, the consortium will fund 100% of the purchase price with equity. Upon completion of the transaction, AES common stock will no longer trade on the New York Stock Exchange and the company will become privately held. The transaction was unanimously approved by AES’ Board of Directors and is expected to close in late 2026 or early 2027, subject to shareholder approval, regulatory clearances, and customary closing conditions.
The acquisition is positioned as a move to provide AES with enhanced financial flexibility to support long-term growth across its regulated utilities and competitive clean energy businesses in the U.S., as well as energy infrastructure assets in Latin America. The company noted that absent the transaction, funding growth beyond 2027 would likely require a reduction or elimination of its dividend and/or significant new equity issuances.
AES’ regulated utilities, AES Indiana and AES Ohio, will continue to operate as locally managed entities serving approximately 1.1 million customers, with no expected impact on customer rates as a result of the transaction.
As one of the largest suppliers of clean energy to corporations globally, with 11.8 GW of signed agreements to supply power to major technology firms, AES is expected to expand its leadership as a clean energy platform across the Americas under private ownership. The consortium indicated it intends to maintain an investment-grade profile aligned with the company’s financing strategy and support continued operational excellence and capital discipline.
J.P. Morgan Securities and Wells Fargo Securities served as financial advisors to AES and provided fairness opinions. Goldman Sachs acted as financial advisor to GIP, CalPERS, and QIA, while Citi advised EQT. Legal counsel was provided by Skadden and Davis Polk for AES, Kirkland & Ellis for GIP, and Simpson Thacher & Bartlett for EQT.
KEY QUOTES
“Following a rigorous review of strategic options, the AES Board determined that this transaction with the Consortium maximizes value for stockholders and provides compelling cash value. We ran a robust process that included several parties and evaluated the transaction with the Company’s standalone prospects in mind. AES has a significant need for capital to support growth beyond 2027, particularly given the significant new investments in both US generation and utilities businesses. In the absence of a transaction with the Consortium, the Company would likely require a plan that includes reduction or elimination of the dividend and/or substantial new equity issuances. After extensive work and deliberation, we concluded that this transaction is in the best interest of AES stockholders.”
Jay Morse, Chairman of AES’ Board of Directors
“Over the course of our 45-year history of powering industries and shaping the future of energy, AES has built a diverse portfolio to meet the evolving power needs of our customers and communities. We believe this transaction maximizes value for existing stockholders and positions the Company for long-term success as we continue delivering on our commitments to customers, communities and people. We look forward to partnering with the Consortium, which has expressed an appreciation for the value of AES’ innovation, global reach and diverse portfolio.”
Andrés Gluski, President and Chief Executive Officer of AES
“We are excited to announce our acquisition of AES, a market leader in the power generation and supply business with a long and storied history. AES is a leader in competitive generation, and at a time in which there is a need for significant investments in new capacity in electricity generation, transmission and distribution, especially in the United States of America, we look forward to utilizing GIP’s experience in energy infrastructure investing, as well as our operational capabilities to help accelerate AES’ commitment to serve the market needs for affordable, safe and reliable power.”
Bayo Ogunlesi, Chairman and Chief Executive Officer of Global Infrastructure Partners, a Part of BlackRock
“As one of the largest energy infrastructure investors globally, we are seeing first-hand the increasing need for a secure energy supply amid expanding power demand worldwide. EQT’s acquisition of AES will support the growth and modernization of essential energy infrastructure that underpins energy security, electrification, digitalization and resilient power systems across key markets. We look forward to working with the AES team to strengthen its operating platform, including enhancing reliability and long-term competitiveness, while supporting a responsible and sustainable energy transition.”
Masoud Homayoun, Head of EQT Infrastructure
“We are pleased to participate in this landmark investment in AES. The Company’s strong market position and exposure to long-term demand trends make it a natural fit within our Infrastructure portfolio, and we value the partnership with our consortium members.”
Sarah Corr, Managing Investment Director for Real Assets at CalPERS
“QIA is committed to making energy transition a reality by providing long-term capital to companies with proven capabilities in delivering operational excellence to the communities they serve. We are proud to support AES as the Company grows and expands its leadership in the clean energy space across the Americas.”
Mohammed Saif Al-Sowaidi, Chief Executive Officer of Qatar Investment Authority
