Global Infrastructure Partners and EQT to Acquire AES for $33.4 Billion

The AES Corporation (AES) entered a merger agreement on March 2, 2026, to be acquired by Global Infrastructure Partners and EQT in a deal valued at $33.4 billion.

Deal Structure:

The Consortium of BlackRock’s (BLK) Global Infrastructure Partners (GIP), and the EQT Infrastructure VI fund (EQT), along with co-underwriters California Public Employees’ Retirement System (CalPERS) and Qatar Investment Authority (QIA), will acquire AES for $15 per share in cash, representing a discount of 13.19% from the stock’s last close.

Company Profile:

AES is an energy company that owns and operates power generation and utility businesses, producing and delivering electricity to customers across the United States, Latin America, Europe, and Asia using a diverse mix of conventional and renewable energy sources.

GIP is an infrastructure investment firm that is part of BlackRock. It invests in and manages large-scale assets across energy, transportation, digital infrastructure, and water and waste sectors, with approximately $193 billion in assets under management.

EQT is an investment firm with about €270 billion in total assets under management, investing through its Private Capital and Real Assets segments in companies and infrastructure assets across Europe, Asia Pacific, and the Americas.

Deal Details and Timeline:

In July last year, Bloomberg reported that AES was exploring options, including a potential sale amid takeover interest. The stock was trading at $11.07 when infrastructure investors, including Brookfield Asset Management (BAM) and BlackRock’s (BLK) Global Infrastructure Partners unit, were studying AES for potential talks.

AES Indiana and AES Ohio will continue to operate as locally managed, regulated utilities. The Consortium will pay the full purchase price using its own equity funds.

The deal is expected to close in late 2026 or early 2027. Dividends to AES stockholders are expected to continue in the ordinary course until closing.

J.P. Morgan and Wells Fargo are serving as the financial advisors to AES. Skadden, Arps, Slate, Meagher & Flom served as the main legal advisor, and Davis Polk & Wardwell provided legal advice on certain debt matters. Goldman Sachs is advising GIP, CalPERS, and QIA, while Citi is advising EQT. Kirkland & Ellis is serving as legal advisor to GIP. Simpson Thacher & Bartlett is serving as legal advisor to EQT.

The consortium is paying 13.76 times EBITDA for AES.

Deal Metrics:

For a comprehensive understanding of this merger and acquisition transaction, visit the Deal Metrics page below:

Deal Metrics for the acquisition of The AES Corporation (AES) by Global Infrastructure Partners and EQT

The Deal Metrics page encapsulates the following information about each merger or acquisition:

• A graph depicting the spread history of the merger from its announcement to its completion or failure.
• Key events during the merger process including HSR period expiration, regulatory approvals, shareholder votes, etc.
• Updates on news and SEC filings.
• A chronology of deal updates.
• And much more.

Disclaimer: It is recommended to conduct your own due diligence prior to buying or selling any securities mentioned in this article. We do not guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article