BlackRock-Led Consortium to Take AES Private in Record USD 33bn Energy Deal

A consortium led by Global Infrastructure Partners (GIP), part of BlackRock, alongside EQT Infrastructure and long-term institutional investors including CalPERS and the Qatar Investment Authority, has agreed to acquire The AES Corporation in an all-cash transaction valuing the U.S. energy group at an enterprise value of approximately USD 33.4bn.

Under the terms of the deal, AES shareholders will receive USD 15 per share, implying an equity value of around USD 10.7bn and representing a 40.3% premium to the company’s 30-day volume-weighted average price prior to takeover speculation. The transaction also includes the assumption of roughly USD 22.7bn in net debt. Once completed, expected in late 2026 or early 2027, subject to regulatory approvals, AES will be delisted and operate as a privately held company.

The deal ranks among the largest infrastructure take-private transactions ever and reflects intensifying investor appetite for power assets as electricity demand surges globally. Driven by the rapid expansion of artificial intelligence, data centers and electrification, utilities and power producers are increasingly viewed as critical enablers of the digital economy.

Headquartered in Virginia, AES operates a diversified portfolio spanning renewables, energy storage, natural gas and regulated utilities, with a presence across the Americas and Europe. Latin America stands out as its most significant international region, accounting for more than 40% of its global capacity outside the United States and serving as a key engine of growth. The company supplies electricity to both traditional utilities and major corporate customers, including hyperscalers such as Amazon and Google, placing it at the center of the fast-growing intersection between energy and technology.

For AES, the take-private structure addresses a key strategic challenge: massive long-term capital requirements. The company faces significant investment needs beyond 2027, including grid upgrades in U.S. regulated markets, expansion of its renewable and storage pipeline, and delivery on long-term power purchase agreements with large technology clients. Operating outside public markets provides the flexibility to fund these projects without the pressure of near-term earnings expectations or the need for equity dilution or dividend cuts.

For the investor group, the acquisition offers long-duration exposure to a critical infrastructure platform with stable, contracted cash flows and strong growth visibility. BlackRock’s GIP and EQT are betting that power generation and grid infrastructure will become cornerstone assets in the AI-driven economy, where reliable, scalable and increasingly clean electricity supply is essential.

J.P. Morgan, which acted as lead financial advisor to AES, described the transaction as a defining moment for the sector, underscoring the scale of capital now being deployed into energy systems. The deal required navigating complex financing, market volatility and one of the largest equity commitments in the industry’s history.

---

Learn more about our solution of EMIS for M&A & investment, giving dealmakers fast, trusted intelligence to uncover targets, screen opportunities and support smart investment decisions.