Shareholders of AES have filed two complaints to stop the US-based electric utility’s previously announced $33.4bn sale to a consortium led by BlackRock’s Global Infrastructure Partners (GIP) and EQT.
AES, which is listed on the New York Stock Exchange, disclosed the shareholder complaints in a filing with the US Securities and Exchange Commission (SEC) on Friday 12 June.
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Shareholders who filed the complaints are seeking more information about the deal before any sale takes place, reported Reuters. However, AES stated in its SEC filing that it has provided all the information required.
The acquisition was announced in March 2026 and is one of the largest in the US utility sector this year.
The deal would give shareholders $15 per share in cash. This values the company’s equity at $10.7bn and its enterprise value at around $33.4bn, including debt.
The price per share represents a 40.3% premium over AES’ 30-day volume weighted average price before 8 July 2025, the last full day before media reports appeared regarding the potential sale.
The buying consortium also includes the California Public Employees’ Retirement System and the Qatar Investment Authority.
Approval of the sale deal was unanimous among the AES Board of Directors.
AES expects the deal to close in late 2026 or early 2027 if stockholders and regulators approve and other standard conditions are met.
At the time of announcing the deal, AES said the potential sale would help the company gain better access to capital.
The sale would support AES’ growth plan across its main business lines, which include regulated electric utilities, clean energy projects and infrastructure in Latin America. AES owns power utilities in Indiana and Ohio, where it serves around 1.1 million customers.
If the sale goes through, AES Indiana and AES Ohio would remain locally managed.
The companies would continue to focus on reliable service and invest in their communities. According to AES, the consortium has experience investing in energy infrastructure and shares similar goals around reliability and customer service.
AES supplies clean energy under agreements totalling 11.8GW for customers worldwide, including to large technology companies.
In February 2026, AES announced a project to provide energy and infrastructure for a Google data centre in Wilbarger County, Texas. The arrangement includes providing land, grid connections, 20-year power agreements and long-term energy management.
