A consortium led by BlackRock’s Global Infrastructure Partners (GIP) and EQT Infrastructure VI fund, and comprising the California Public Employees' Retirement System (CalPERS) and Qatar Investment Authority (QIA), has signed a definitive agreement to acquire the AES Corporation for an enterprise value of around $33.4bn.
The deal values AES at $15 per share in cash, representing a total equity value of $10.7bn, and includes the assumption of existing debt.
The consortium will fund the entire purchase with equity.
Upon completion, AES will become a privately held company and its common shares will no longer be traded on the New York Stock Exchange (NYSE).
The acquisition received unanimous approval from AES’ Board of Directors and is expected to conclude in late 2026 or early 2027, subject to shareholder approval, regulatory clearance across multiple jurisdictions and other standard closing conditions.
AES’ regulated utilities in the US states of Indiana and Ohio will remain locally managed and operate under existing regulatory oversight following the acquisition.
Customer rates for these utilities are not anticipated to change as a result of the transaction.
The consortium noted that it intends to maintain business continuity for AES employees during the transition.
AES supplies clean energy to corporations globally, with 11.8GW of signed power agreements reported to date, including with major technology companies.
In addition to its US-based operations, the company manages energy infrastructure assets in Latin America.
AES president and CEO Andrés Gluski said: “We believe this transaction maximises value for existing stockholders and positions the company for long-term success as we continue delivering on our commitments to customers, communities and people.”
J.P. Morgan Securities and Wells Fargo Securities are advising AES on financial matters related to the deal.
Skadden, Arps, Slate, Meagher & Flom served as AES’ lead transaction counsel and Davis Polk & Wardwell acted as legal advisor for debt-specific issues.
Goldman Sachs & Co. is the financial advisor to GIP, CalPERS and QIA, while Citi served as the advisor to EQT.
Kirkland & Ellis acted as GIP’s consortium counsel and legal advisor, while Simpson Thacher & Bartlett is EQT’s legal advisor.
