Global Infrastructure Partners and EQT have agreed to acquire AES Corp. in an all-cash transaction valuing the equity at $10.7bn and the enterprise at approximately $33.4bn, including debt.

Under the definitive agreement, AES shareholders will receive $15.00 per share in cash, representing a 40.3% premium to the 30-day volume weighted average share price prior to July 8, 2025.

The consortium also includes California Public Employees’ Retirement System and Qatar Investment Authority as co-underwriters. The purchase price will be funded 100% with equity.

Bayo Ogunlesi, Chairman and Chief Executive Officer of Global Infrastructure Partners, said: “We are excited to announce our acquisition of AES, a market leader in the power generation and supply business with a long and storied history.” He added that significant investment is needed in generation, transmission, and distribution capacity, particularly in the US.

Masoud Homayoun, Head of EQT Infrastructure, added: “EQT’s acquisition of AES will support the growth and modernization of essential energy infrastructure that underpins energy security, electrification, digitalization and resilient power systems across key markets.”

AES operates regulated utilities in Indiana and Ohio serving 1.1m customers and is one of the largest suppliers of clean energy to corporate customers globally, with 11.8GW of signed agreements to supply power to major technology firms.

Following completion, AES will become a private company and its shares will cease trading on the New York Stock Exchange. The transaction is expected to close in late 2026 or early 2027, subject to shareholder approval and customary regulatory clearances.

The acquisition underscores continued large-scale private capital deployment into energy infrastructure as power demand rises and long-term electrification trends accelerate across the Americas.

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