BlackRock and a consortium headed by EQT are set to purchase AES in a $10.7 billion deal

Investor Group to Acquire AES Corporation in $10.7 Billion Deal

An investor group led by BlackRock’s Global Infrastructure Partners, along with EQT, has reached an agreement to purchase AES Corporation for $10.7 billion. The surge in demand for electricity, driven by the rapid expansion of AI data centers, is fueling this acquisition.

As artificial intelligence continues to require immense amounts of energy, companies in the utility and power generation sector, such as AES, are drawing increased interest. Bayo Ogunlesi, CEO of BlackRock’s Global Infrastructure Partners, emphasized the urgent need for major investments in new power generation, transmission, and distribution infrastructure.

According to AES, the proceeds from this sale will provide the company with the financial resources it previously lacked to grow its energy generation operations in the United States.

Jay Morse, Chairman of AES, stated, “AES requires substantial capital to support expansion beyond 2027, especially with the significant investments planned for both U.S. generation and utility businesses. Without this agreement, the company might have needed to reduce or eliminate dividends or issue a large amount of new equity.”

The investor group also includes the California Public Employees’ Retirement System and the Qatar Investment Authority.

The acquisition price is set at $15 per share, which is a 40% premium over the 30-day average share price prior to July 8 of last year, the last full trading day before news of a possible deal emerged.

Following reports of a potential acquisition, AES shares climbed and closed at $17.28 on Friday. However, in premarket trading on Monday, the stock dropped 17% to $14.41.

The transaction is anticipated to be finalized either at the end of 2026 or in early 2027.