GIP–EQT Consortium to Take AES Private in $33.4 Billion Deal

Overview

• The buyer group led by Global Infrastructure Partners, part of BlackRock, and EQT agreed to purchase AES for $15 per share, valuing the equity at about $10.7 billion and the enterprise at roughly $33.4 billion.
• The offer reflects about a 40% premium to AES’s average share price in the 30 days before initial sale reports in July 2025.
• CalPERS and the Qatar Investment Authority are participating as co-investors alongside GIP and EQT.
• AES’s board unanimously approved the transaction, which would delist the company from the NYSE after an expected closing in late 2026 or early 2027 pending stockholder and regulatory approvals.
• The company says AES Indiana and AES Ohio will stay locally managed and regulated, with service to roughly 1.1 million U.S. customers, even as Rep. André Carson warns private ownership could harm consumers.