GIP and EQT Consortium to Buy AES for $33.4 Billion at $15 Per Share
A consortium led by GIP and EQT with CalPERS and Qatar Investment Authority agreed to acquire AES in an all-equity deal valuing the enterprise at $33.4 billion and equity at $15 per share. The board approved privatization by early 2027, keeping Indiana and Ohio utilities under existing oversight with unchanged rates.
1. Deal Overview
A consortium led by Global Infrastructure Partners (GIP) and EQT alongside CalPERS and Qatar Investment Authority agreed to acquire AES for an enterprise value of $33.4 billion, valuing equity at $15 per share. The transaction will be funded entirely with equity and includes assumption of existing debt.
2. Approval and Timeline
AES’ board of directors gave unanimous approval to the definitive agreement. The deal is expected to close in late 2026 or early 2027, subject to shareholder approval, multi-jurisdictional regulatory clearances and customary closing conditions.
3. Operational Continuity
Upon completion, AES will cease trading on the NYSE and operate as a private company. Its regulated utilities in Indiana and Ohio will remain under current regulatory oversight with no anticipated changes to customer rates.
4. Strategic Impact and Advisors
The acquisition positions AES for long-term growth in clean energy, leveraging its 11.8 GW of signed power agreements and Latin American assets. J.P. Morgan and Wells Fargo advised AES, while Goldman Sachs and Citi advised the consortium, supported by coordinated legal counsel.