Finance
BlackRock's GIP and EQT to acquire AES Corp in a $33.4 billion deal
Published by Global Banking & Finance Review®
Posted on March 2, 2026
3 min readLast updated: March 2, 2026
Quick Summary
A consortium led by BlackRock’s Global Infrastructure Partners (GIP) and EQT AB has agreed to acquire AES Corp in a $33.4 billion transaction, marking a bold strategic move into renewable energy and AI‑driven power infrastructure.
BlackRock, EQT-led group seals $33.4 billion AES deal in bet on AI power boom
By Sumit Saha
Major Acquisition in the U.S. Power Sector
March 2 (Reuters) - A consortium led by BlackRock's Global Infrastructure Partners and Swedish private-equity firm EQT AB has agreed to buy U.S. power company AES Corp for $33.4 billion, including debt, in one of the biggest acquisitions in the sector.
Industry Context and AI-Driven Demand
The deal, announced on Monday, extends a wave of big transactions in the industry, such as Blackstone's $11.5 billion acquisition of TXNM Energy and Constellation Energy's $16.4 billion buy of Calpine, as the AI boom increases the demand for power, straining grids and pushing investors toward dependable power portfolios.
Rising U.S. Power Consumption
U.S. power consumption will continue to rise this year and the next, after hitting a second consecutive record in 2025, according to estimates by the Energy Information Administration.
Infrastructure Investment to Meet Demand
The largest U.S. electric utilities are ramping up spending on new power infrastructure to meet soaring demand from data centers that cater to the surging needs of companies adopting the latest technology.
Analyst Perspective
"With the support of the consortium, AES now has improved access to capital to invest and is no longer beholden to the leverage metrics that investors wish to see in a public company," Evercore ISI analyst Nicholas Amicucci said.
Deal Details and Financial Implications
Months-Long Negotiations
MONTHS-LONG DEAL
The consortium will acquire AES for $15 per share in cash, representing a total equity value of $10.7 billion, AES said, adding that the transaction is expected to close in late 2026 or early 2027.
The offer represents a 13% discount to AES' last close on Friday. The deal is a 35.5% premium to July 8, the last close before the first media report of a potential acquisition.
Shares of AES were down more than 17% in premarket trading.
Dividend and Equity Considerations
In the absence of a transaction, AES said it would have had to reduce or eliminate dividend payments or make substantial new equity issuances.
Operational and Consortium Structure
AES' units in Indiana and Ohio will remain locally operated and managed utilities.
The consortium also includes California Public Employees' Retirement System and the Qatar Investment Authority.
GIP's Expanding Utility Portfolio
GIP has been expanding its utility footprint, including a $6.2 billion take-private deal for Allete with CPP Investments in 2024.
AES Financial Position
AES' net debt stood at $27.56 billion as of December 31.
(Reporting by Sumit Saha, Katha Kalia, Pooja Menon in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila)
Key Takeaways
- •The deal values AES at a significant premium and reflects investor optimism around AI‑powered renewable energy demand, as data center energy needs surge (ft.com)
- •AES brings a diverse 32 GW generation portfolio, about half renewable, but carries heavy leverage and weakening cash flows—challenging financial dynamics the acquirers must address (ainvest.com)
- •Regulatory approval and successful refinancing of AES’s debt will be critical; the deal hinges on managing antitrust scrutiny and execution risks in the energy and utilities sector (ainvest.com)
References
Frequently Asked Questions about BlackRock's GIP and EQT to acquire AES Corp in a $33.4 billion deal
1Who is acquiring AES Corp?
A consortium led by BlackRock-owned Global Infrastructure Partners and EQT AB is acquiring AES Corp.
2What is the value of the AES Corp acquisition deal?
The deal to acquire AES Corp is valued at $33.4 billion.
3When was the AES Corp acquisition agreement announced?
The agreement was announced on Monday, March 2.
4Which companies are involved in the AES Corp acquisition?
BlackRock's Global Infrastructure Partners and equity firm EQT AB are involved in the acquisition.
