BlackRock consortium to purchase AES for $10.7B

A consortium led by BlackRock‘s Global Infrastructure Partners and Swedish private equity firm EQT has agreed to buy Arlington County-based Fortune 500 power company AES for $10.7 billion, the companies announced Monday.

The deal also includes the consortium’s assumption of AES’ existing debt, bringing the enterprise value to approximately $33.4 billion.

In 2024, AES reported $12.3 billion in revenue, with $47 billion in assets. Word of the deal came out last October, and in February, further reports caused the company’s stock to surge.

“Over the course of our 45-year history of powering industries and shaping the future of energy, AES has built a diverse portfolio to meet the evolving power needs of our customers and communities,” AES President and CEO Andrés Gluski said in a statement. “We believe this transaction maximizes value for existing stockholders and positions the company for long-term success as we continue delivering on our commitments to customers, communities and people. We look forward to partnering with the consortium, which has expressed an appreciation for the value of AES’ innovation, global reach and diverse portfolio.”

The transaction is expected to close in late 2026 or early 2027, according to the news release, and AES stockholders will receive $15 a share in cash as the company prepares to go private.

In addition to BlackRock affiliate GIP and EQT, the consortium includes the California Public Employees’ Retirement System and Qatar Investment Authority.

AES’ electric utilities in Indiana and Ohio, which serve more than 1 million customers, will remain locally operated and managed, the news release said.

AES‘ net debt stood at $27.56 billion as of Dec. 31, 2025.

As of Dec. 31, 2024, AES and its subsidiaries had 9,100 full-time employees, but in early 2025, the company reduced its workforce by 10%.