Global Infrastructure Partners, a part of BlackRock, and the EQT Infrastructure VI fund, along with co-underwriters California Public Employees’ Retirement System (CalPERS) and Qatar Investment Authority (QIA), agreed to acquire AES Corporation (NYSE: AES) for $15.00 per share in cash.
The deal represents a total equity value of $10.7 billion and an enterprise value of approximately $33.4 billion. The deal represents a 40.3% premium to the 30-day volume weighted average share price prior to July 8, 2025, the last full day of trading prior to the first media report of a potential acquisition.
The deal is expected to close in late 2026 or early 2027.
J.P. Morgan Securities LLC is acting as lead financial advisor to AES, and Wells Fargo Securities LLC is also acting as financial advisor to AES. Skadden, Arps, Slate, Meagher & Flom LLP acted as lead transaction counsel to AES. In addition, Davis Polk & Wardwell acted as legal advisor to AES.
Goldman Sachs & Co. LLC is acting as financial advisor to GIP, CalPERS and QIA, and Citi is acting as financial advisor to EQT. Kirkland & Ellis acted as consortium counsel and legal advisor to GIP. Simpson Thacher & Bartlett acted as legal advisor to EQT.