A consortium led by BlackRock Global Infrastructure Partners (GIP) and the EQT Infrastructure VI Fund, and including the California Public Employees’ Retirement System (CalPERS) and the Qatar Investment Authority (QIA), has signed a definitive agreement to acquire AES Corporation for approximately $433b.
The transaction values AES at $15 per share in cash, represents a total equity value of $10.7 billion, and includes the assumption of existing debt.
The consortium will finance the entire purchase with equity.
Upon completion, AES will become a private company and its common shares will no longer be traded on the New York Stock Exchange (NYSE).
The acquisition has received unanimous approval from AES’s board of directors and is expected to close in late 2026 or early 2027, subject to shareholder approval, regulatory clearance in multiple jurisdictions and other standard closing conditions.
AES’ regulated facilities in the US states of Indiana and Ohio will be managed locally and will operate under existing regulatory oversight following the acquisition.
Customer rates for these utilities are not expected to change as a result of the transaction.
The consortium noted that it intends to maintain business continuity for AES employees during the transition.
AES provides clean energy to companies worldwide, with 11.8GW of signed power contracts reported so far, including large technology companies.
In addition to its US-based operations, the company manages energy infrastructure assets in Latin America.
“We believe this transaction enhances value for existing stockholders and positions the company for long-term success as we continue to deliver on our commitments to customers, communities and people,” said AES President and CEO Andres Glusky.
JP Morgan Securities and Wells Fargo Securities are advising AES on financial matters related to the transaction.
Skadden, Arps, Slate, Meagher & Flom served as lead counsel on the AES transaction and Davis Polk & Wardwell served as legal counsel on specific debt matters.
Goldman Sachs & Co. GIP, CalPERS and QIA are financial advisers, while Citi served as EQT’s adviser.
Kirkland & Ellis acted as consortium counsel and legal counsel to GIP, while Simpson Thatcher & Bartlett is EQT’s legal counsel.
“GIP and EQT-led consortium agree to acquire AES for $33.4bn” was originally developed and published by Power Technologies, a brand owned by Global Data.
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