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BlackRock-owned Global Infrastructure Partners (GIP) is reportedly on the verge of finalizing a massive $38 billion acquisition of U.S. utility giant AES Corp (NYSE:AES), according to the Financial Times. If completed, this would be one of the largest infrastructure takeovers in history, underscoring the growing appetite for energy and utility investments. Sources close to the matter noted that the deal could be announced within days, though discussions remain fluid and subject to change.
The proposed transaction would give AES an enterprise value of around $38 billion, factoring in its $29 billion debt, a sharp premium over its current market capitalization of $9.4 billion. News of the potential takeover fueled investor enthusiasm, with AES shares surging more than 16% in after-hours trading to $15.35. This spike comes after a challenging year for the company, which saw its stock tumble over 30% due to investor skepticism about its renewable energy strategies following the rollback of green tax incentives under the Trump administration.
AES Corp is a major player in the global power sector, operating plants across the U.S. and in 13 other countries. In recent years, the company has invested heavily in renewable energy projects, particularly in infrastructure designed to support the data center operations of technology leaders such as Microsoft (NASDAQ:MSFT), Meta (NASDAQ:META), and Alphabet (NASDAQ:GOOGL). This strategic focus positions AES at the intersection of clean energy and the surging demand for digital infrastructure.
For BlackRock (NYSE:BLK) and its infrastructure investment arm GIP, the acquisition would represent a bold expansion into renewable-focused utilities and critical power assets, aligning with long-term global trends in energy transition. If the deal moves forward, it could reshape the competitive landscape of the utility sector while highlighting investor confidence in the long-term value of sustainable energy infrastructure.
