AES Corporation has reached a definitive agreement to be acquired by a consortium led by Global Infrastructure Partners (GIP), owned by BlackRock, and the Swedish fund EQT Infrastructure VI. The transaction will have an approximate enterprise value of $33.4 billion, including assumed debt, and will be financed entirely with equity.
The purchase price will be $15.00 per share in cash, representing a 40.3% premium over the average share price in the 30 days prior to the announcement, bringing the equity value to $10.7 billion.
What does the acquisition mean for AES Corporation?
With this acquisition, AES Corporation will delist from the New York Stock Exchange and operate as a private company. The firm, known as the world’s largest provider of clean energy to corporations, aims to accelerate its growth strategy thanks to the financial flexibility offered by the new ownership model.
The consortium committed to maintaining AES’s current strategic focus, ensuring investments in critical energy infrastructure assets, especially in the United States and Latin America.
Focus on clean energy, regulation, and workforce stability
The new ownership group does not expect changes in the rates paid by customers of AES’s regulated utilities, such as AES Indiana and AES Ohio; both will continue to be managed locally under state and federal regulation. At the same time, the commitment to preserve the operating structure, human talent, and community investment was reaffirmed.
In addition, the acquisition positions AES to lead the energy transition in the Americas, with one of the broadest portfolios of projects under development. It currently has agreements for more than 11.8 GW of clean energy signed with major technology corporations.
Reactions: investor confidence and regulatory warnings
From the consortium, leaders such as Bayo Ogunlesi (GIP) and Masoud Homayoun (EQT) noted that the acquisition responds to the growing global need for electrification, digitalization, and energy resilience. They also emphasized that AES’s infrastructure is key to ensuring a safe and competitive supply.
However, critical voices have spoken out amid the growing wave of utility acquisitions by private equity firms. Various consumer advocates warn that this type of move can reduce transparency and limit accountability to customers.
Next steps and deal closing
The transaction has already been approved by AES’s Board of Directors and is expected to close between late 2026 and early 2027, once shareholder and regulatory approvals in the U.S. and other countries are obtained. During this period, AES will continue operating normally, including paying dividends subject to Board approval.
After 45 years of history, AES Corporation is entering a new phase with the backing of major investors such as CalPERS and the sovereign wealth fund Qatar Investment Authority (QIA). The goal is to strengthen its position as a benchmark in sustainable energy solutions that are reliable and competitive.
Source: AES
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