A consortium led by Global Infrastructure Partners, part of BlackRock, and EQT Infrastructure VI, alongside co-underwriters California Public Employees’ Retirement System and Qatar Investment Authority, has agreed to acquire The AES Corporation for $15 per share in cash. 

The all-equity transaction values AES at $10.7 billion in equity and approximately $33.4 billion in enterprise value, including debt. The offer represents a 40.3% premium to the company’s 30-day volume weighted average share price prior to July 8, 2025, the last full trading day before media reports of a potential deal surfaced. 

The acquisition is designed to support AES’ long-term growth across regulated electric utilities, U.S. competitive clean energy and critical infrastructure assets in Latin America. “AES has a significant need for capital to support growth beyond 2027, particularly given significant new investments in both U.S. generation and utilities businesses,” said Jay Morse, Chairman of AES’ Board. 

The consortium will fund 100% of the purchase price with equity. The deal is not expected to impact customer rates in AES’ regulated utilities, which will remain subject to local, state and federal oversight following closing. 

The transaction is anticipated to close in late 2026 or early 2027  

J.P. Morgan Securities LLC and Wells Fargo Securities LLC provided fairness opinions to AES.  

J.P. Morgan Securities LLC is acting as lead financial advisor to AES, and Wells Fargo Securities LLC is also acting as financial advisor to AES. Skadden, Arps, Slate, Meagher & Flom LLP acted as lead transaction counsel to AES. In addition, Davis Polk & Wardwell acted as legal advisor to AES with respect to certain debt matters. 

Goldman Sachs & Co. LLC is acting as financial advisor to GIP, CalPERS and QIA, and Citi is acting as financial advisor to EQT. Kirkland & Ellis acted as Consortium counsel and legal advisor to GIP. Simpson Thacher & Bartlett acted as legal advisor to EQT.