AES to Be Acquired by Global Infrastructure Partners and EQT Led Consortium in $10.7 Billion All Cash Transaction

AES to Be Acquired by Global Infrastructure Partners and EQT Led Consortium in $10.7 Billion All Cash Transaction

(IN BRIEF) The AES Corporation has agreed to be acquired by a consortium led by Global Infrastructure Partners and EQT Infrastructure VI, alongside CalPERS and QIA, in an all-cash transaction valued at $10.7 billion in equity and approximately $33.4 billion in enterprise value. Stockholders will receive $15.00 per share, representing a 40.3% premium to the pre-announcement trading average. The transaction is designed to provide AES with increased financial flexibility to support long-term clean energy growth and infrastructure investment across the Americas. AES Indiana and AES Ohio will remain locally operated regulated utilities serving around 1.1 million customers. The deal is expected to close in late 2026 or early 2027, subject to customary approvals, after which AES will become a privately held company.

(PRESS RELEASE) STOCKHOLM, 3-Mar-2026 — /EuropaWire/ — The AES Corporation has entered into a definitive agreement to be acquired by a consortium of long-term infrastructure investors in a transaction designed to strengthen its position as a leading clean energy platform across the Americas. Under the terms of the agreement, stockholders will receive $15.00 per share in cash, representing a total equity value of approximately $10.7 billion and an enterprise value of about $33.4 billion, including assumed debt.

The consortium includes Global Infrastructure Partners, a part of BlackRock, the EQT Infrastructure VI fund, and co-underwriters California Public Employees’ Retirement System and Qatar Investment Authority. The offer price reflects a 40.3% premium to AES’ 30-day volume-weighted average share price prior to July 8, 2025, the last full trading day before the first media report of a potential acquisition.

The transaction is intended to provide AES with enhanced financial flexibility as a privately held company, enabling it to accelerate long-term growth across its regulated utilities, competitive clean energy businesses in the United States, and critical energy infrastructure assets in Latin America. The company has identified significant capital requirements to support expansion beyond 2027. Without this transaction, funding future growth investments would likely have required reducing or eliminating the dividend and/or issuing substantial new equity.

In the United States, AES Indiana and AES Ohio will continue to operate as locally managed and regulated utilities, maintaining their community commitments while addressing rising electricity demand. Together, these utilities serve approximately 1.1 million customers. The consortium has indicated that customer rates at regulated utilities are not expected to be affected by the transaction.

AES has established itself as one of the largest global suppliers of clean energy to corporate customers, supported by a substantial development pipeline and 11.8 gigawatts of signed agreements to deliver power to major technology companies. Under private ownership, the company aims to expand its clean energy leadership while maintaining disciplined capital allocation and operational performance. The consortium also intends to support workforce continuity and preserve an investment-grade financial profile aligned with AES’ financing strategy.

Jay Morse, Chairman of AES’ Board of Directors, said the board conducted a comprehensive review of strategic alternatives before determining that the transaction maximizes value for stockholders while addressing the company’s capital needs. He noted that the board evaluated the offer against AES’ standalone prospects and concluded that the transaction represents the most compelling path forward.

President and Chief Executive Officer Andrés Gluski highlighted AES’ 45-year history of energy innovation and emphasized that the agreement positions the company for sustained long-term growth. He expressed confidence that the consortium recognizes the strength of AES’ global portfolio and innovation capabilities.

Bayo Ogunlesi, Chairman and CEO of Global Infrastructure Partners, described AES as a market leader in power generation and supply at a time when substantial investments in new generation, transmission and distribution capacity are needed. Masoud Homayoun, Head of EQT Infrastructure, underscored the importance of modernizing essential energy infrastructure to support electrification, digitalization and energy security. Representatives from CalPERS and QIA emphasized their commitment to long-term infrastructure investment and the global energy transition.

The consortium will fund the full purchase price with equity. Upon completion of the transaction, AES’ common stock will no longer trade on the New York Stock Exchange and the company will operate as a private entity. Dividends are expected to continue in the ordinary course until closing, subject to board approval.

The acquisition was unanimously approved by AES’ Board of Directors and is expected to close in late 2026 or early 2027, pending stockholder approval and required regulatory clearances.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy.  Together with our many stakeholders, we’re improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today.  For more information, visit www.aes.com.

About Global Infrastructure Partners (GIP), a Part of BlackRock

Global Infrastructure Partners (GIP), a part of BlackRock, is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors.

GIP’s scaled platform has over $193 billion in assets under management. We believe that our focus on real infrastructure assets, combined with our deep proprietary origination network and comprehensive operational expertise, enables us to be responsible stewards of our clients’ capital and create positive economic impact for communities. For more information, visit www.global-infra.com.

About EQT

EQT is a purpose-driven global investment organization with EUR 270 billion in total assets under management (EUR 141 billion in fee-generating assets under management) as of 31 December 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT Real Estate on LinkedIn

About CalPERS 

CalPERS is the largest defined benefit public pension fund in the U.S., with a net position of $563 billion in its Public Employees’ Retirement Fund as of June 30, 2025. The portfolio invests in stocks, bonds, real estate, infrastructure, private equity, inflation-linked assets and other public and private investment vehicles, with a goal to generate total returns on a long-term basis while managing risk. Headquartered in Sacramento, California, CalPERS serves nearly 2.4 million members, providing retirement benefits to state, school, and public employees, along with health benefit services to 1.5 million members.

About QIA 

QIA is the sovereign wealth fund of the State of Qatar. QIA was founded in 2005 to invest and manage the state reserve funds. QIA is among the largest and most active sovereign wealth funds globally. QIA invests across a wide range of asset classes and regions as well as in partnership with leading institutions around the world to build a global and diversified investment portfolio with a long-term perspective that can deliver sustainable returns and contribute to the prosperity of the State of Qatar.

Cautionary Statement Regarding Forward-Looking Statements

This communication includes certain “forward-looking statements” within the meaning of, and subject to the safe harbor created by, the federal securities laws, including statements related to the proposed transaction between AES and Horizon Parent, L.P. (the “Transaction”), including financial estimates and statements as to the expected timing, completion and effects of the Transaction. These forward-looking statements are based on AES’ current expectations, estimates and projections regarding, among other things, the expected date of closing of the Transaction and the potential benefits thereof, its business and industry, management’s beliefs and certain assumptions made by AES, all of which are subject to change. Forward-looking statements involve a number of risks and uncertainties, because they relate to events and depend upon future circumstances that may or may not occur, such as the consummation of the Transaction and the anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the Transaction on anticipated terms and timing; (ii) the risk that the conditions to the completion of the Transaction, including obtaining required stockholder and regulatory approvals, are not satisfied in a timely manner or at all; (iii) potential litigation relating to the Transaction, including resulting expense or delay, and the effects of any outcomes related thereto; (iv) the risk that disruptions from the Transaction will harm AES’ business, including current plans and operations; (v) the ability of AES to retain and hire key personnel; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Transaction; (vii) continued availability of capital and financing and rating agency actions; (viii) certain restrictions during the pendency of the Transaction that may impact AES’ ability to pursue certain business opportunities or strategic transactions; (ix) significant transaction costs associated with the Transaction; (x) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction, including in circumstances requiring AES to pay a termination fee or other expenses; (xii) competitive responses to the Transaction; and (xiii) the risks and uncertainties pertaining to AES’ business, including those set forth in Part I, Item 1A of AES’ most recent Annual Report on Form 10-K and Part II, Item 1A of AES’ subsequent Quarterly Reports on Form 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by AES with the SEC. These risks, as well as other risks associated with the Transaction, will be more fully discussed in the proxy statement to be provided to AES’ stockholders in connection with the Transaction. While the list of factors presented here is, and the list of factors to be presented in the proxy statement will be, considered representative, no such list should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. These forward-looking statements speak only as of the date they are made, and AES does not undertake to and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Contacts:

AES Investor Contact:

Susan Harcourt 703-682-1204, susan.harcourt@aes.com

AES Media Contact:

Amy Ackerman 703-682-6399, amy.ackerman@aes.com

GIP Contact:

Mustafa Riffat, 917-747-4156, mustafa.riffat@blackrock.com

EQT Contact:

Mathilde Milch, 917-510-6626, mathilde.milch@eqtpartners.com

SOURCE: EQT AB