A consortium led by Global Infrastructure Partners, part of BlackRock, and the fund EQT Infrastructure VI will acquire AES and take the company private.
The transaction, valued at USD 10.7 billion in equity and USD 33.4 billion in enterprise value, includes a USD 15 per share cash payment and is supported by global institutional investors. The company aims to strengthen its expansion in electricity generation and energy solutions with greater financial flexibility to drive new investments in the coming years.
AES Corporation, Global Infrastructure Partners—part of BlackRock—and EQT Infrastructure VI, together with co-investors California Public Employees’ Retirement System (CalPERS) and the Qatar Investment Authority, have signed a definitive agreement under which the consortium will acquire AES for USD 15 per share in cash, representing a total equity value of USD 10.7 billion and an enterprise value of approximately USD 33.4 billion.
Consolidated net debt totalled USD 27.56 billion as of 31 December 2025, including the assumption of existing debt. The transaction represents a 40.3% premium to the 30-day volume-weighted average share price prior to 8 July 2025, the last full trading day before the first press report regarding a potential acquisition.
The consortium will finance 100% of the purchase price with equity to acquire the company. In addition, the transaction was unanimously approved by AES’s Board of Directors and is expected to close by late 2026 or early 2027, subject to approval by AES shareholders, the receipt of applicable federal, state and international regulatory approvals, and the fulfilment of other customary closing conditions.
Through this acquisition, AES is expected to expand its clean energy platform across the Americas, including 11.8 GW under signed agreements to date to supply electricity to major technology companies. As a privately held company, AES is expected to benefit from greater financial flexibility, enabling it to accelerate its growth strategy.
Jay Morse, Chair of AES’s Board of Directors, stated: “Following a rigorous review of strategic options, the AES Board determined that this transaction with the Consortium maximises value for shareholders and provides an attractive cash premium. AES has a significant need for capital to support growth beyond 2027, particularly given new and substantial investments in the company’s US generation and utility businesses. Without a transaction with the Consortium, the company would likely require a plan that could include reducing or eliminating the dividend or undertaking substantial new equity issuances.”
Andrés Gluski, President and Chief Executive Officer of AES, said: “This transaction maximises value for current shareholders and positions the company for long-term success as we continue delivering on our commitments to customers, communities and employees. We look forward to collaborating with the Consortium, which has recognised the value of AES’s innovation, global reach and diversified portfolio.”
Bayo Ogunlesi, Chairman and Chief Executive Officer of Global Infrastructure Partners, part of BlackRock, commented: “At a time when significant investment is needed in new electricity generation capacity, transmission and distribution, particularly in the United States, we look forward to leveraging GIP’s experience in energy infrastructure investment, as well as our operational capabilities, to support AES’s commitment to meeting market needs.”
Masoud Homayoun, Head of Infrastructure at EQT, added: “We look forward to working with the AES team to strengthen its operating platform, including improving reliability and long-term competitiveness while supporting a responsible and sustainable energy transition.”
