NEW YORK, March 4, 2026, 08:36 (EST)
- AES agreed to a $15-per-share all-cash acquisition led by BlackRock’s Global Infrastructure Partners and EQT
- The deal values AES at about $33.4 billion including debt, and would take the utility off the NYSE
- The move lands as investors chase power assets tied to rising data center demand
The AES Corporation said a consortium led by BlackRock’s Global Infrastructure Partners and Sweden’s EQT will acquire the U.S. power company for $15 per share in cash, valuing the deal at about $33.4 billion including debt. AES CEO Andrés Gluski called it a transaction that “maximizes value for existing stockholders,” and the buyer group said it expects a closing in late 2026 or early 2027. 1
The buyout lands in a crowded stretch for U.S. power deals as data centers and artificial intelligence drive up electricity use and tighten grid capacity. Blackstone is buying TXNM Energy for $11.5 billion and Constellation Energy has agreed to buy Calpine for $16.4 billion, Reuters reported, citing the same trend. “AES now has improved access to capital to invest,” Evercore ISI analyst Nicholas Amicucci said, as the company steps away from public-market leverage targets. 2
AES’ board chair Jay Morse said the company faced a “significant need for capital” beyond 2027 and warned that, without a deal, AES would likely need to cut dividends and/or issue new equity. AES said dividends are expected to continue “in the ordinary course” until closing, subject to board approval, and it cancelled its previously announced earnings call after the transaction announcement. 3
A take-private deal removes a company’s shares from public trading, shifting funding and oversight toward the buyer group. Investors usually focus on the buyout price, the debt the buyer assumes, and how long regulators take.
In AES’ case, the $15 offer came in below its prior closing price, which helped trigger a sharp drop in the stock right after the announcement. Reuters said the bid was a discount to the previous close even though it marked a premium to prices seen before takeover speculation surfaced last summer.
The buyers are betting they can invest outside the quarter-to-quarter pressure of public markets. The consortium has framed the deal as a way to expand generation and grid spending while keeping regulated utility operations running locally.
But the deal is not done. It still needs shareholder support and regulatory clearances, and any prolonged review, litigation or a shift in financing conditions could push the closing deeper into 2027 or force changes to the terms.
AES also reported full-year adjusted profit that beat Wall Street estimates, Reuters said, helped by strong power demand. That backdrop has brought more money into the sector, and it is also raising the stakes for utilities that are already carrying heavy debt loads.
For now, the trade is simple: if investors believe approvals will come through cleanly, the stock tends to track the gap between the market price and the cash offer. If they see delay or tougher oversight, that spread can widen fast.
