Alternative investment manager Global Infrastructure Partners LLC, owned by BlackRock Inc., along with Swedish private equity manager EQT A.B., announced Monday a deal to acquire American power generation and utility company AES Corp. for $33.4 billion, supporting the company’s need for capital to continue its growth beyond 2027.
The transaction, which includes the California Public Employees’ Retirement System and the Qatar Investment Authority as co-underwriters, is expected to close in late 2026 or early 2027, according to an AES statement. The deal will result in the company becoming private.
“Under private ownership, AES will benefit from enhanced financial flexibility that will enable the company to accelerate its growth strategy,” the AES announcement stated. The consortium will pay $15 per share to AES shareholders, a 40.3% premium on AES’s average share price prior to the first reports of a potential acquisition in July 2025.
“AES has a significant need for capital to support growth beyond 2027, particularly given the significant new investments in both U.S. generation and utilities businesses,” said AES Board Chair Jay Morse in a statement. “In the absence of a transaction with the consortium, the company would likely require a plan that includes reduction or elimination of the dividend and/or substantial new equity issuances. After extensive work and deliberation, we concluded that this transaction is in the best interest of AES stockholders.”
AES, in early 2025, sold a 30% indirect equity interest in AES Ohio to Canadian pension fund La Caisse.
The deal is one of several announced for utility companies as the demand from artificial intelligence and digital infrastructure has strained energy resources. In May 2025, Blackstone Inc. acquired utility company TXNM Energy Inc. for $11.5 billion, and in January, Constellation Energy Corp. announced a $26.6 billion acquisition of utility company Calpine Corp.
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Tags: BlackRock, CalPERS, EQT, Global Infrastructure Partners, Qatar Investment Authority