BlackRock , the world's largest asset manager with $13.4 trillion in assets under management, is once again involved in a multi-billion dollar deal. And in a space that has increasingly attracted its interest.
A consortium led by Global Infrastructure Partners (GIP), the infrastructure investment arm of BlackRock, and the Swedish asset manager EQT , announced the purchase of AES Corp , an American energy company, in a transaction valued at approximately US$33.4 billion, including debt.
The pair will pay US$15 per share of the company in cash, which will represent a total equity value of US$10.7 billion. The price represents a 13% discount on the last closing price of AES shares.
Conversely, the proposed level represents a premium of 40.3% over the weighted average share price in the 30 days prior to July 8, 2025, before the first rumors circulated in the media about a possible acquisition of the asset.
According to the fund managers, the agreement, which also involves the California Public Employees' Retirement System and the Qatar Investment Authority, values AES based on its net debt proportionate to US$22.7 billion and the volume of shares outstanding as of December 31, 2025.
In a statement, Jay Morse, Chairman of the Board of Directors of AES, noted that the transaction was preceded by a robust process in which the prospects were assessed should the company remain independent.
“AES has a significant capital need to sustain growth beyond 2027, especially due to major new investments in power generation and utilities in the United States,” Morse said.
He added that, without the agreement with the consortium, the company would likely need a plan that included reducing or eliminating dividend distributions and/or substantial new share issuances.
The consortium highlighted that the deal will position AES to drive long-term growth across all its business units, including regulated electricity utilities and clean energy in the U.S., as well as key energy infrastructure assets in Latin America, including its operations in Brazil.
In this context, the buyers also highlighted that, in addition to the capital to invest in assets that meet these demands, the company will have access to a pool of investors with extensive experience in energy infrastructure businesses.
“We look forward to using GIP’s experience in energy infrastructure investments, as well as our operational capabilities, to help accelerate AES’s commitment to meeting the market’s need for affordable, secure and reliable energy,” said Bayo Ogunlesi, President of GIP.
The consortium also highlighted that, with the acquisition, the expectation is that AES will expand its leadership as a first-tier clean energy platform in the Americas region. Among other figures, the company currently has 11.8 gigawatts in contracts with big tech companies for energy supply.
By closing this deal, which is expected to be finalized between the end of 2026 and the beginning of 2027, BlackRock reinforces its growing bet on the private investment market, something that began to gain more momentum in 2024.
In numbers, the construction of this thesis was reflected in approximately US$28 billion invested in the acquisitions of GIP, the private fund data provider Preqin, and HPS Investment Partners, a credit investment manager.
In putting this thesis into practice, BlackRock has shown increasing interest in the infrastructure segment as well as in public services, two areas that are also highlighted with AES.
In another recent example that unites these two fronts, GIP, in partnership with the Canada Pension Plan Investment Board ( CPPIB ), acquired Allete, an American energy company, for US$6.2 billion, including debt.
AES shares were down 17.22% on the New York Stock Exchange at around 9:50 a.m. (local time), trading at $14.31, valuing the company at $10.1 billion.
