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Bond Market News
GIP and EQT To Take AES Private for $10.7bn in Cash
March 3, 2026
BlackRock’s Global Infrastructure Partners (GIP) and EQT have agreed to acquire AES for $10.7bn in cash. This equates to an enterprise value of about $33.4bn. The consortium will pay $15/share, less than Friday’s closing price of $17.28/share. The deal reflects surging demand for power assets tied to AI data centers, with more than $280bn in energy-sector M&A announced since the start of 2025.
GIP and EQT are betting AES will benefit from rising electricity demand – particularly as it supplies renewable power to major tech companies such as Google, Microsoft, and Amazon. Taking AES private is expected to provide greater financial flexibility and improved access to capital. This comes amid pressure to cut its dividend and raise significant equity to fund growth. Analysts say the move frees AES from public market leverage constraints and better positions it to expand its renewable and conventional power portfolio. The transaction is expected to close by early 2027.
AES’s dollar bonds traded stable. For instance, it’s 5.45% 2028s was at 101.9, yielding 4.52%.
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