M&A · Energy · Cogeneration Services & Small Power Producers
Consortium led by Global Infrastructure Partners and EQT to acquire AES Corp
Announced Mar 2, 2026 · Pending May 4, 2026
Deal value$10.70B
Premium35.5%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$15.00 per share
Transaction
- Acquirer
- Consortium led by Global Infrastructure Partners and EQT
- Target
- AES Corp (AES)
- Buyer type
- Private equity
- Offer price per share
- $15.00
- Enterprise value
- —
- Status
- Pending May 4, 2026
Deal protections
- Break fee (target pays)
- $321M · 3.0%
- Reverse fee (buyer pays)
- $588M · 5.5%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, Citigroup
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan, Wells Fargo
- JPMorgan fee
- $75.0M
- Wells Fargo fee
- $15.0M
Sector context · Energy
- Comparable deals
- 37 in the prior 24 months
- Premium
- 35.5% vs. 20.5% sector median
- EV / Adj. EBITDA
- Sector median 8.5x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedMar 2, 2026
- Proxy filedMay 4, 2026
- Definitive proxyMay 15, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Sum of the partsJPMorgan$9.75$17.50
Sum of the partsJPMorgan$11.25$17.75
Discounted cash flowJPMorgan$10.50$20.25
Discounted cash flowWells Fargo$11.14$17.27
Discounted cash flowWells Fargo$9.07$14.72
Discounted cash flowWells Fargo$11.31$16.39
Offer $15.00
Implied value per AES Corp share by analysis, from JPMorgan and Wells Fargo · DCF discount rate 8%–10%.