(INDIANAPOLIS) - The AES Corporation announced Monday it will be acquired by a group of global investors in a deal valued at approximately $33.4 billion, including debt.
According to a company press release, the consortium includes Global Infrastructure Partners, part of BlackRock, and the EQT Infrastructure VI fund. The California Public Employees' Retirement System and the Qatar Investment Authority are also involved in the transaction.
The agreement places AES's total equity value at $10.7 billion. Company officials say the move is designed to position AES for long-term growth across its regulated electric utilities and clean energy operations in the United States and Latin America.
In Indiana and Ohio, AES serves about 1.1 million customers through its electric utility operations. The company says AES Indiana and AES Ohio will remain locally managed and operated regulated utilities under private ownership, with continued investment in local infrastructure.
The deal has been unanimously approved by AES's board and is expected to close in late 2026 or early 2027, pending shareholder and regulatory approval.
Indiana Congressman André Carson voiced concerns about the move, saying private ownership of public utilities could prioritize profits over consumers. He warned that Hoosiers are already facing rising costs and expressed worry about potential impacts on utility bills.