A consortium headed by BlackRock‑owned Global Infrastructure Partners (GIP) and the private‑equity firm EQT announced a definitive agreement to acquire AES Corporation for a total enterprise value of $33.4 billion, including debt. The deal values AES equity at $10.7 billion and offers $15.00 in cash per share, a premium of 40.3% over the 30‑day volume‑weighted average price that preceded the announcement.
The transaction is driven by AES’s need for capital to fund growth beyond 2027, particularly in U.S. generation and utilities businesses. The $15.00 per‑share offer is expected to provide the company with the financial flexibility of private ownership, allowing it to pursue large‑scale investments in competitive generation, transmission, and renewable‑energy assets. GIP and EQT bring deep expertise in energy infrastructure, with EQT’s Transition Infrastructure strategy focused on clean‑energy and resource‑efficient projects. BlackRock’s acquisition of GIP in January 2024 has positioned the consortium to leverage a broader infrastructure platform.
Bayo Ogunlesi, CEO of GIP, said the partnership would accelerate AES’s commitment to affordable, safe, and reliable power. Masoud Homayoun, Head of EQT Infrastructure, highlighted the growing demand for secure energy supply amid expanding power needs worldwide. AES Chairman Jay Morse noted that without a transaction, the company would likely have to cut or eliminate its dividend and issue new equity to meet capital requirements.
Investors reacted cautiously to the announcement, focusing on valuation concerns. The offer price, while a significant premium to the 30‑day average, is below the most recent closing price, prompting a measured market response.
The deal underscores BlackRock’s continued push into regulated infrastructure and renewable energy assets, while aligning with EQT’s transition‑focused investment thesis. AES’s diversified portfolio—spanning regulated utilities and competitive clean‑energy assets such as solar, wind, and battery storage—positions it to support the growing demand for electricity from AI data centers and other high‑power customers.
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