Global Infrastructure Partners (GIP) and EQT, alongside co-investors CalPERS and Qatar Investment Authority (QIA), have agreed to acquire US-based power company AES Corp in a deal valuing the company at $10.7bn in equity and approximately $33.4bn enterprise value, including assumed debt.
Under the terms of te transaction, AES stockholders will receive $15 per share in cash, representing a 40.3% premium to the 30-day volume weighted average share price prior to 8 July, 2025.
The transaction, expected to close in late 2026 or early 2027, positions AES to accelerate growth as a leading clean energy platform across the Americas. The consortium said AES will benefit from increased financial flexibility to support expansion beyond 2027, particularly in U.S. regulated utilities and competitive clean energy operations, as well as critical energy infrastructure in Latin America. AES Indiana and AES Ohio will continue to operate as locally managed regulated utilities, with no anticipated impact on customer rates.
AES’ Board highlighted that the acquisition addresses the company’s significant capital needs, which would otherwise require dividend reductions or new equity issuance to fund future growth. Jay Morse, Chairman of AES’ Board, said: “Following a rigorous review of strategic options, the AES Board determined that this transaction with the Consortium maximizes value for stockholders and provides compelling cash value.”
GIP, led by Adebayo Ogunlesi, and EQT Infrastructure emphasized their shared commitment to supporting AES’ operational excellence, clean energy transition, and long-term competitiveness. CalPERS and QIA will also participate as strategic co-investors in the transaction.
AES, the largest supplier of clean energy to corporate customers globally, holds a portfolio of renewable energy assets, including wind and solar, alongside natural gas and coal facilities. The acquisition is expected to maintain AES’ disciplined capital allocation strategy and investment-grade profile while enabling accelerated investment in critical infrastructure and renewable projects.
JPMorgan Securities and Wells Fargo Securities provided fairness opinions and acted as financial advisors to AES, with Goldman Sachs and Citi advising consortium members. Legal counsel included Skadden, Arps, Slate, Meagher & Flom LLP, Davis Polk & Wardwell, Kirkland & Ellis, and Simpson Thacher & Bartlett.
Upon completion, AES will become a privately held company, with shares no longer trading on the New York Stock Exchange.
GIP, led by founding partner Adebayo Ogunlesi, manages approximately $170bn in assets and has recently led major deals including a $40bn acquisition of Aligned Data Centers. EQT’s infrastructure arm, which invests across energy, logistics, and digital infrastructure, raised €21.5bn for its latest fund in 2025, underlining its focus on the energy transition.
