Consortium to Acquire AES for $15 Per Share with 40.3% Premium
Global Infrastructure Partners and EQT will acquire AES for $15.00 per share in cash, valuing equity at $10.7 billion and enterprise at $33.4 billion, a 40.3% premium to its 30-day VWAP. The transaction, expected to close in late 2026 or early 2027, funds AES’s growth and maintains its Indiana and Ohio utilities.
1. Deal Terms
A consortium led by Global Infrastructure Partners and EQT will acquire AES for $15.00 per share in cash, equating to $10.7 billion in equity value and an enterprise value of $33.4 billion including assumed debt, a 40.3% premium to its prior 30-day VWAP. The transaction is expected to close in late 2026 or early 2027.
2. Rationale and Capital Structure
The acquisition addresses AES’s significant capital needs for growth beyond 2027, providing improved financial flexibility as a private company to invest in generation, transmission and distribution projects without reducing dividends or issuing new equity.
3. Operational Impact
AES Indiana and AES Ohio will continue as locally operated regulated utilities, serving 1.1 million customers with reliable, affordable energy. AES’s competitive clean energy arm holds 11.8 GW of signed corporate power purchase agreements with major technology firms.
4. Future Outlook
Under the consortium’s ownership, AES will maintain an investment grade profile, emphasize talent retention and development, and accelerate its clean energy development pipeline to strengthen its position as a leading clean energy platform across the Americas.