AES Corporation — global integrated utility (~36 GW, including significant US generation) with 11.8 GW of contracted capacity to hyperscalers (Microsoft, Google, Amazon)
One of the largest infrastructure take-privates in history. $15.00/share cash (40.3% premium to 30-day VWAP prior to July 8, 2025 Bloomberg report). Consortium: GIP (BlackRock) + EQT Infrastructure VI + CalPERS + QIA. 100% equity-financed at signing. Closes late 2026/early 2027 pending regulatory approval. Strategic rationale: capital flexibility for AES's 11.8 GW hyperscaler contracted pipeline (largely Microsoft).
$33.40B
Deal Value
36,000MW
Capacity
Hybrid
Technology
Multi-state
Location
Deal Details
- Deal Type
- Corporate M&A
- Seller / Sponsor
- AES Corporation public shareholders
- Buyer / Financier
- Global Infrastructure Partners, EQT Infrastructure VI, CalPERS, Qatar Investment Authority
- Deal Value
- $33.4B EV / $10.7B equity
- Stage
- Operating
- ISO/RTO
- Multiple
- Source
- AES Corporation
Service Providers
Advisory & Legal
- Seller Counsel
- Skadden, Arps, Slate, Meagher & Flom
- Seller Financial Advisor
- J.P. Morgan, Wells Fargo
- Buyer Financial Advisor
- Goldman Sachs, Citi
- Financial Advisor
- J.P. Morgan, Wells Fargo, Goldman Sachs, Citi
- taxCounsel
- Davis Polk & Wardwell
- notes
- JPM lead financial advisor + Wells Fargo for AES; Goldman for GIP/CalPERS/QIA; Citi for EQT. Skadden lead counsel for AES; Davis Polk for AES debt matters.
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