NEW YORK, March 4, 2026, 08:36 (EST)
- BlackRock’s Global Infrastructure Partners and EQT are leading a deal to buy AES at $15 a share, all cash.
- AES gets a roughly $33.4 billion valuation, debt included, under the deal—which also means the utility would exit the NYSE.
- Investors have been piling into power assets linked to surging data center demand, and this move is the latest result.
AES Corporation announced that BlackRock’s Global Infrastructure Partners, teaming up with Sweden’s EQT, has agreed to buy the U.S. power company for $15 a share in cash—a deal that puts AES’s enterprise value around $33.4 billion, debt included. “Maximizes value for existing stockholders,” CEO Andrés Gluski said. The buyer consortium targets closing by late 2026 or early 2027. 1
U.S. power deal activity is heating up, with the surge in data center and AI demand straining the grid and pushing up electricity consumption. Blackstone is paying $11.5 billion for TXNM Energy, while Constellation Energy has struck a $16.4 billion agreement to acquire Calpine, according to Reuters, which links those moves to the same pressure. “AES now has improved access to capital to invest,” noted Evercore ISI analyst Nicholas Amicucci, as AES moves away from its public-market leverage targets. 2
Jay Morse, chair of AES’ board, flagged a “significant need for capital” after 2027, cautioning that without this deal, AES would probably have to slash its dividend or sell more equity. For now, the company says it plans to keep dividends coming “in the ordinary course” right up until the deal closes, as long as the board gives the nod. After breaking news of the transaction, AES scrapped the earnings call it had previously scheduled. 3
When a company goes private, its shares exit public markets and funding shifts to the buyer group, which also takes over oversight. Investors zero in on the buyout price, how much debt the buyer is taking on, and the regulatory approval timeline.
AES shares took a hit after the $15 bid landed below where the stock closed before the announcement. Reuters pointed out the offer was still above levels from before buyout rumors picked up last summer, but it came at a discount to the previous close.
Buyers are wagering they’ll get more breathing room to invest, without the constant scrutiny of quarterly earnings on public markets. As for the consortium, it’s pitching the deal as a push to ramp up generation and grid investments, all while regulated utility business stays anchored in the local area.
The agreement hasn’t crossed the finish line yet. Shareholders still have to sign off, regulators must give their nod, and a drawn-out review, lawsuits, or any changes in financing could delay closing beyond 2027—or even alter the terms.
AES posted a full-year adjusted profit ahead of Wall Street forecasts, Reuters reported, as robust power demand fueled results. The influx of capital into the sector is pushing up the pressure on utilities with substantial debt on their books.
Right now, it’s a straightforward setup. When investors expect smooth approvals, the stock usually follows the gap between its market price and the cash offer. But if they start sensing delays or regulatory pushback, that spread can widen in a hurry.
