BlackRock-Led Consortium to Buy AES in $33.4 Billion All-Cash Deal
The transaction, offering a 40% premium, positions the energy company for accelerated growth as a private entity with enhanced capital flexibility.
**A consortium led by Global Infrastructure Partners (GIP), a part of BlackRock, and EQT Infrastructure VI fund (EQT) agreed to acquire AES Corporation (AES) in an all-cash transaction valuing the energy company at $33.4 billion, including assumed debt, the companies announced Thursday.**
The deal offers AES shareholders $15.00 a share, representing a 40.3% premium to the 30-day volume-weighted average price prior to July 8, 2025, the last full trading day before media reports of a potential acquisition surfaced. The transaction, which includes $10.7 billion in equity value, is expected to close in late 2026 or early 2027, pending regulatory and shareholder approvals.
The consortium—backed by co-underwriters California Public Employees’ Retirement System (CalPERS) and Qatar Investment Authority (QIA)—will fund the purchase entirely with equity, avoiding incremental debt and maintaining AES’s existing capital structure. The group intends to preserve the company’s investment-grade credit profile while providing greater financial flexibility to invest in critical energy infrastructure.
**"We are grateful for the strong support from our stockholders," said Holly Koeppel, Lead Independent Director of AES’s Board of Directors. "Today’s vote reinforces our conviction that this transaction meaningfully enhances value while positioning AES for its next phase of growth. With the deep sector expertise of the Consortium, AES will have greater flexibility to invest in the critical energy solutions our customers and communities depend on."**
AES, a global energy company with operations across the Americas, supplies 11.8 gigawatts of clean power to corporations, including major technology firms, and serves 1.1 million regulated utility customers in Indiana and Ohio. The company has faced significant capital demands to support growth beyond 2027, particularly for renewable energy projects and utility expansions, which the consortium’s backing is expected to address. AES Indiana and AES Ohio will remain locally operated and regulated, with no anticipated impact on customer rates.
The deal follows a broader trend of private capital targeting energy infrastructure assets amid rising demand for reliable and sustainable power. In January 2025, Atlas Energy Solutions (AESI) acquired Moser Energy Systems, a provider of distributed power solutions, for $220 million in a mixed cash-and-stock transaction. The AES transaction, however, stands out for its scale and the involvement of marquee institutional investors, signaling strong appetite for large-scale energy assets with long-term growth potential.
Regulatory approvals from the Public Utilities Commission of Ohio (PUCO), Federal Energy Regulatory Commission (FERC), New York Public Service Commission (NYPSC), and the Committee on Foreign Investment in the United States (CFIUS) are among the conditions for closing. AES shareholders will continue to receive dividends in the ordinary course until the transaction’s completion, after which the company will adopt a flexible dividend policy aligned with its growth objectives. Upon closing, AES will delist from the New York Stock Exchange and operate as a private company.