EQT to Co-Lead $10.7B AES Buyout at $15 Per Share
EQT Corporation is co-leading a $10.7 billion cash acquisition of AES at $15 per share, valuing the company at $33.4 billion enterprise value and representing a 17% discount to Friday’s $17.28 closing price. The deal is expected to close in late 2026 or early 2027, subject to approvals.
1. Acquisition Structure
EQT Corporation and Global Infrastructure Partners will acquire AES at $15 per share in cash, for a total equity value of $10.7 billion and an enterprise value of approximately $33.4 billion including assumed net debt.
2. Valuation Details
The $15 per share offer prices at a 17% discount to AES’s last closing price of $17.28 and delivers a 40.3% premium over the 30-day volume-weighted average share price before buyout speculation began.
3. Closing Timeline
The transaction is expected to close in late 2026 or early 2027, contingent on stockholder approval and regulatory clearances, following unanimous approval by AES’s board.
4. Strategic Impact
This acquisition expands EQT’s clean energy portfolio by adding AES’s 11.8 GW of signed clean energy agreements and reinforces growth in U.S. regulated utilities and Latin American energy infrastructure.