AES Downgraded by Mizuho After $10.7B Takeover Deal at $15
Mizuho downgraded The AES Corporation to Neutral from Outperform following the company’s agreement to be acquired at $15 per share in cash, valuing equity at about $10.7 billion. The cash deal implies a 13% discount to the last closing price, a 35.5% premium to pre-announcement levels and places enterprise value at roughly $33.4 billion including debt.
1. Mizuho Downgrade
Mizuho analyst Anthony Crowdell lowered AES to Neutral from Outperform and set a $15 price target following the announcement of the takeover agreement.
2. Acquisition Agreement
A consortium led by Global Infrastructure Partners and EQT Infrastructure VI agreed to acquire AES for $15 per share in cash, valuing the company’s equity at approximately $10.7 billion.
3. Valuation Metrics
The offer price represents a 13% discount to the most recent closing price and a 35.5% premium to the July 8 closing price, and includes reciprocal termination fees totaling up to $588 million.
4. Deal Impact and Timeline
The transaction, expected to close in late 2026 or early 2027, allows AES to avoid potential dividend cuts or share issuance, while its Indiana and Ohio utilities will remain locally managed.