AES (NYSEAES) announced Monday that it has entered into a definitive merger agreement to be taken private by a consortium of heavyweight infrastructure investors.
The group, led by BlackRock’s Global Infrastructure Partners (GIP) and EQT Infrastructure, along with the Qatar Investment Authority (QIA) and CalPERS, will acquire the company for $15 per share in cash.
The transaction values AES at an equity value of approximately $10.7 billion and a total enterprise value of $33.4 billion, including the assumption of the company's existing debt.
The offer price represents a 40.3% premium to the company's 30-day volume-weighted average price prior to July 8, 2025, when initial reports of a potential sale first surfaced.
The move comes at a critical juncture for AES, which has faced mounting capital requirements to fund its massive pipeline of clean energy projects and utility modernizations.
Board Chairman Jay Morse noted that without the private capital provided by the consortium, the company likely would have been forced to significantly reduce or eliminate its dividend to fund growth beyond 2027.
As part of the agreement, AES Indiana and AES Ohio will remain locally operated and managed regulated utilities.
The consortium confirmed that the acquisition is not expected to impact customer rates and that they intend to maintain business continuity with an emphasis on retaining current talent.
As a result of the announcement, AES cancelled its previously scheduled Q4 and full-year 2025 financial results conference call, though it intends to file its 2025 Annual Report on Form 10-K today.
The transaction, which is 100% equity-funded by the consortium, is expected to close in late 2026 or early 2027, following shareholder and regulatory approvals.