A consortium led by Global Infrastructure Partners, part of BlackRock, and EQT’s Infrastructure VI fund has agreed to acquire The AES Corporation for $15.00 per share in cash, valuing the equity at $10.7 billion and the enterprise at about $33.4 billion including debt, EQT said. CalPERS and Qatar Investment Authority are co-underwriters, and the deal is expected to close in late 2026 or early 2027, subject to shareholder and regulatory approvals.

AES shares fell 17% on the news.

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