US-based global energy company AES has agreed to be acquired by a consortium led by BlackRock’s Global Infrastructure Partners (GIP) and EQT in a $33.4bn (€28.5bn) deal.
The consortium comprising GIP, the EQT Infrastructure VI fund, California Public Employees’ Retirement System (CalPERS) and Qatar Investment Authority (QIA) has offered shareholders of NYSE-listed AES $15 per share in cash.
The price represents a 40.3% premium to the 30-day volume weighted average share price, prior to 8 July 2025, the last full day of trading prior to the first media report of a potential acquisition.
The proposed take-private offer values the equity of AES at $10.7bn and implies a total enterprise value of approximately $33.4bn, which accounts for the assumption of the company’s existing debt.
AES is the largest supplier of clean energy to corporations globally. To date, the company has signed agreements totaling 11.8GW to provide power to major technology firms.
Bayo Ogunlesi, chairman and CEO of GIP, said: “AES is a leader in competitive generation, and – at a time in which there is a need for significant investments in new capacity in electricity generation, transmission and distribution, especially in the US – we look forward to utilising GIP’s experience in energy infrastructure investing, as well as our operational capabilities to help accelerate AES’ commitment to serve the market needs for affordable, safe and reliable power.”
Masoud Homayoun, head of EQT Infrastructure, said: “As one of the largest energy infrastructure investors globally, we are seeing first-hand the increasing need for a secure energy supply amid expanding power demand worldwide.
“EQT’s acquisition of AES will support the growth and modernisation of essential energy infrastructure that underpins energy security, electrification, digitalisation and resilient power systems across key markets.”
Sarah Corr, managing investment director for real assets at CalPERS, said: “We are pleased to participate in this landmark investment in AES. The company’s strong market position and exposure to long-term demand trends make it a natural fit within our infrastructure portfolio, and we value the partnership with our consortium members.”
Mohammed Saif Al-Sowaidi, CEO of QIA, said: “QIA is committed to making energy transition a reality by providing long-term capital to companies with proven capabilities in delivering operational excellence to the communities they serve.
“We are proud to support AES as the company grows and expands its leadership in the clean energy space across the Americas.”
Jay Morse, chairman of AES board of directors, said: “AES has a significant need for capital to support growth beyond 2027, particularly given the significant new investments in both US generation and utilities businesses.
“In the absence of a transaction with the consortium, the company would likely require a plan that includes reduction or elimination of the dividend and/or substantial new equity issuances. After extensive work and deliberation, we concluded that this transaction is in the best interest of AES stockholders.”
Andrés Gluski, president and CEO of AES, said: “We believe this transaction maximises value for existing stockholders and positions the company for long-term success as we continue delivering on our commitments to customers, communities and people.
“We look forward to partnering with the Consortium, which has expressed an appreciation for the value of AES’ innovation, global reach and diverse portfolio.”
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