A consortium led by Global Infrastructure Partners and EQT agreed on 2 March to acquire The AES Corporation for $15.00 per share in cash, valuing the Arlington, Virginia-based power company's equity at about $10.7bn and its enterprise value at roughly $33.4bn including assumed debt.
Why Global Infrastructure Partners and EQT Infrastructure VI (with CalPERS and QIA) is buying The AES Corporation
AES chief executive Andrés Gluski said the transaction maximises value for existing stockholders and positions the company for long-term success. The buyers gain a large portfolio of renewable and conventional generation alongside regulated utilities in Indiana and Ohio, which will remain locally managed under existing regulatory oversight.
Deal terms and financing
The price is a 40.3% premium to AES's 30-day volume-weighted average share price before 8 July 2025, the last full trading day before media first reported a possible sale. The consortium, which includes CalPERS and the Qatar Investment Authority as co-underwriters, is funding the purchase entirely with equity. The AES board approved the deal unanimously.
Regulatory approvals and timing
The deal requires federal, state and foreign regulatory approvals. AES stockholders voted to approve the acquisition at a special meeting on 26 June 2026, and the company continues to guide to completion in late 2026 or early 2027.
Market context
Take-privates were a prominent feature of March deal flow as sponsors targeted utilities and power assets, with rising electricity demand from data centres lifting interest in generation portfolios.
