• The AES Corporation has agreed to be acquired by a consortium led by Global Infrastructure Partners (part of BlackRock) and EQT through the EQT Infrastructure VI fund.
• Co-underwriters in the consortium include California Public Employees’ Retirement System (CalPERS) and Qatar Investment Authority (QIA).
• The consortium will acquire AES for $15.00 per share in cash.
• The transaction represents a total equity value of $10.7 billion and an enterprise value of about $33.4 billion, including existing debt.
• The offer represents a 40.3% premium to the 30-day volume-weighted average share price prior to July 8, 2025.
• The acquisition aims to support AES’ long-term growth across regulated electric utilities in the U.S., competitive clean energy operations, and energy infrastructure assets in Latin America.
• The consortium brings significant experience in energy infrastructure investing and plans to provide AES with improved access to capital.
• Additional capital will support investment in critical energy infrastructure, reliable energy solutions for customers, and long-term value for employees and communities.
• AES’ utilities in Indiana and Ohio are experiencing strong demand growth and serve approximately 1.1 million customers.
• AES Indiana and AES Ohio will remain locally operated regulated utilities with continued community investment.
• AES is one of the largest global suppliers of clean energy to corporations, with 11.8 GW of signed agreements to supply power to major technology companies.
• The company has one of the largest clean-energy development pipelines in the industry across the Americas.
• Under private ownership, AES will gain greater financial flexibility to accelerate its growth strategy.
• The consortium plans to maintain business continuity, support the workforce, and focus on talent retention and development.
• AES will continue its disciplined capital allocation strategy and operational focus across its diversified energy businesses.
• The consortium intends to maintain an investment-grade credit profile aligned with AES’ financing strategy.
• Bayo Ogunlesi, CEO of Global Infrastructure Partners, emphasized the need for major investment in electricity generation, transmission, and distribution, particularly in the U.S.
• Masoud Homayoun of EQT highlighted rising global demand for secure energy supply and the role of infrastructure investment in energy security, electrification, and digitalization.
• Sarah Corr of CalPERS said AES fits well within the pension fund’s infrastructure portfolio due to its strong market position and exposure to long-term demand trends.
• Mohammed Saif Al Sowaidi, CFA, CEO of QIA, noted that the investment supports the energy transition by providing long-term capital to companies delivering reliable and sustainable energy solutions.
