M&AAnnouncedPress / newsMarch 2, 2026

AES Corporation — diversified global power company with ~35 GW of generation across US and international markets

BlackRock GIP leads consortium with EQT Infrastructure VI, CalPERS and Qatar Investment Authority to acquire AES at $15/share cash, a 40.3% premium to 30-day VWAP. AES taken private; AES Indiana and AES Ohio remain locally regulated utilities. Driven by surging AI/data center power demand. Close expected late 2026 or early 2027.

Share on LinkedIn Source: AES Corporation Press Release →

$33.40B

Deal Value

35,000MW

Capacity

Solar + Storage

Technology

Multi-state

Location

Project: AES Corporation · 2 tracked transactionsAsset profile →

MarketsSolar + Storage

Deal Details

Deal Type: Corporate M&A
Seller / Sponsor: AES Corporation (NYSE: AES)
Buyer / Financier: Global Infrastructure Partners, EQT Infrastructure VI, CalPERS, Qatar Investment Authority
Deal Value: $33.4B enterprise value ($10.7B equity at $15/share)
Stage: Agreement Signed
ISO/RTO: Multiple
Source: AES Corporation Press Release

Capital Structure

$33.4B

Total transaction value

Debt$22.7B68%

Equity$10.7B32%

Tranches

Cash Equity (purchase price) · GIP / EQT Infrastructure VI / CalPERS / Qatar Investment Authority consortium: $10.7B
Assumed Debt (AES proportional net debt, Dec 31 2025) · Existing AES debt assumed: $22.7B

Service Providers

Advisory & Legal

Seller Counsel: Skadden, Arps, Slate, Meagher & Flom
Buyer Counsel: Kirkland & Ellis, Simpson Thacher & Bartlett
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: Skadden lead counsel for AES; Davis Polk for AES debt. Kirkland for Consortium/GIP; Simpson Thacher for EQT. JPM lead + Wells Fargo for AES; Goldman for GIP/CalPERS/QIA; Citi for EQT.

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$33.4B EV / $10.7B equity

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