A consortium led by Global Infrastructure Partners (GIP) — part of BlackRock — and EQT has agreed to acquire The AES Corporation and take the global power company private in a transaction valued at USD 33.4 billion in enterprise value.
The definitive agreement includes a cash offer of USD 15 per share, representing a total equity value of USD 10.7 billion. The transaction is supported by several major institutional investors, including California Public Employees’ Retirement System (CalPERS) and Qatar Investment Authority.
The deal is expected to close between late 2026 and early 2027, subject to shareholder approval, regulatory clearances across multiple jurisdictions and other customary closing conditions.
Key financial details of the transaction
| Item | Value |
|---|---|
| Equity value | USD 10.7 billion |
| Enterprise value | USD 33.4 billion |
| Offer price | USD 15 per share |
| Premium | 40.3% vs. 30-day VWAP before July 8, 2025 |
| Net consolidated debt (Dec 2025) | USD 27.6 billion |
The consortium will finance 100% of the purchase price with equity, while assuming the company’s existing debt obligations.
The offer represents a 40.3% premium over AES’s 30-day volume-weighted average share price (VWAP) prior to July 8, 2025 — the last trading day before media reports surfaced about a potential acquisition.
The transaction was unanimously approved by AES’s board of directors.
Under private ownership, AES is expected to gain greater financial flexibility to accelerate its long-term investment strategy in electricity generation, grid infrastructure and energy solutions.
The company has already signed agreements totaling 11.8 GW of contracted capacity, primarily supplying renewable energy to major technology companies seeking long-term clean power procurement.
This demand from large corporate buyers — often structured through power purchase agreements (PPAs) — has been a major driver of renewable energy deployment in the Americas.
Jay Morse, Chairman of the Board at AES, said the decision followed a comprehensive strategic review.
“After a rigorous evaluation of strategic alternatives, the board determined that this transaction maximizes shareholder value and delivers an attractive all-cash offer,” Morse said.
He noted that AES faces significant capital requirements beyond 2027, particularly as the company plans major investments in power generation and regulated utilities in the United States.
Without the transaction, AES would likely need to pursue measures such as reducing or eliminating its dividend or issuing substantial new equity to finance future growth.
Andrés Gluski, President and CEO of AES, said the agreement positions the company for long-term expansion.
“This transaction maximizes value for our current shareholders and positions the company for long-term success as we continue delivering for our customers, communities and employees,” Gluski said.
He added that the consortium recognizes the value of AES’s innovation capabilities, global presence and diversified energy portfolio.
For the consortium’s investors, the acquisition reflects the growing need for large-scale capital investment in electricity infrastructure, particularly in the United States.
Bayo Ogunlesi, Chairman and CEO of Global Infrastructure Partners, said the energy transition will require significant investments across the entire power value chain.
“At a time when major investments are needed in new generation capacity, transmission and electricity distribution — especially in the United States — we look forward to leveraging GIP’s experience in energy infrastructure investment to support AES’s commitment to meeting market demand,” he said.
Masoud Homayoun, Partner and Head of Infrastructure at EQT, added that the firm intends to support AES in strengthening its operational platform.
“Our goal is to enhance reliability and long-term competitiveness while supporting a responsible and sustainable energy transition,” Homayoun said.
