The AES CorporationNYSE: AES
Utilities · Independent Power Producers & Energy Traders
$14.29
-1.14%
Vol: 17.7M
Research Digest
Friday, May 1, 2026
Global Infrastructure Partners/EQT consortium to acquire AES for $15/share ($10.7B equity)
Global Infrastructure Partners (BlackRock) and EQT Infrastructure VI agreed to acquire AES for $15/share ($10.7B equity, $33.4B enterprise value including debt). Deal at take-private prices; still pending regulatory approval. AES holds solar robotics technology and ranked #1 clean energy seller to US corporations for 5th year. Susquehanna downgraded to Neutral pre-Q1. Company navigating debt consent solicitations. Stock at $14.34 with 4.9% yield.
Previous Market Intelligence
13 daysApr 30Global Infrastructure Partners and EQT consortium agrees to acquire AES for $15 per sharePositive▶
A consortium led by Global Infrastructure Partners (BlackRock) and EQT Infrastructure VI fund agreed to acquire AES for $15 per share in cash on July 8, 2025, representing $10.7 billion equity value and approximately $33.4 billion enterprise value. The deal represents 40.3% premium to 30-day VWAP. AES is largest supplier of clean energy to corporations with 11.8 GW of signed power supply agreements for tech firms.
Apr 16AES Corp announces CFO transition; faces analyst downgrades ahead of Q1 earningsNegative▶
AES Corp announced that Sherry Kohan, Senior Vice President and Chief Accounting Officer, will step down effective May 7 and assume the role of CFO for AES U.S. Utilities business. The company appointed Aubrey Jarred as Vice President and Controller, effective May 7. However, the stock faced headwinds from analyst downgrades: Susquehanna downgraded to Neutral on April 9 ahead of Q1 earnings, and Argus downgraded to Hold from Buy on March 26. The company declared a cash dividend of $0.176 with ex-date May 1.
Apr 15AES downgraded to Neutral at Susquehanna; Horizon Parent acquisition agreement at $15/share closing expected late 2026 or early 2027.Mixed▶
AES announced definitive acquisition agreement with Horizon Parent (backed by GIP and EQT Infrastructure VI) at $15.00 per share, implying $10.7 billion equity value, subject to shareholder and regulatory approval. Analyst downgrade to Neutral at Susquehanna. Company navigating debt consent solicitations while advancing solar robotics technology. Stock trading near $14.38 with 47.7% gain over past year. Analyst consensus Hold with average target of $15.29.
Apr 14AES Corp agrees to $15 billion takeover by Horizon Parent (GIP/EQT Infrastructure) with closing expected in late 2026 or early 2027.Positive▶
AES Corporation entered into definitive merger agreement to be acquired by Horizon Parent L.P. for $15.00 per share in cash (approximately $10.7 billion equity value). Horizon Parent is jointly controlled by Global Infrastructure Management (now part of BlackRock) and EQT Infrastructure VI fund. Virtual shareholder meeting April 29 to vote. Susquehanna downgraded to Neutral.
Apr 13Susquehanna downgrades AES Corp to Neutral ahead of Q1 earnings; company focuses on data center power demand.Negative▶
AES Corp was downgraded to Neutral at Susquehanna on April 9 ahead of Q1 2026 earnings. Stock trades at $14.39 with company focusing on AI-driven data center energy demand. Company declared $0.17595/share quarterly dividend payable May 15. Q1 earnings due May 1.
Apr 10Susquehanna downgraded AES to Neutral ahead of Q1 earnings amid debt restructuring and dividend commitment.Negative▶
AES Corp was downgraded by Susquehanna to Neutral from Positive with price target of $15. The utility company is navigating consent solicitations for debt instruments in connection with a planned merger with Horizon Parent L.P. AES announced a dividend of $0.176 with ex-date of May 1, 2026. Company leveraging solar robotics technology and AI applications for data center energy demand.
Apr 9AES Corp agrees to $15B sale to Global Infrastructure Partners-EQT consortium and ranks top clean energy supplier for 5th consecutive year.Positive▶
AES Corporation agreed to sale to consortium led by Global Infrastructure Partners (BlackRock) and EQT Infrastructure VI for $15.00 per share, representing $10.7B equity value and ~$33.4B enterprise value including debt. Deal includes co-underwriters CalPERS and Qatar Investment Authority, enhancing investor confidence. AES ranked top seller of clean energy to U.S. and Americas corporations for 2025 by BloombergNEF (5th consecutive year) with corporate PPAs representing nearly two-thirds of backlog. Company operates ~34,740 megawatts of generation and serves 2.7 million customers across Americas, Europe, and Asia. Stock currently $14.43 with 10.97 P/E ratio and 4.9% dividend yield. Announced cash dividend of $0.176 with ex-date May 1, 2026. Company navigating critical debt consent solicitations while advancing solar robotics technology and capitalizing on AI-driven data center energy demand. Argus downgraded to Hold from Buy (March 26, 2026).
Apr 8Global Infrastructure Partners and EQT consortium agrees to acquire AES, largest clean energy supplier.Neutral▶
Consortium led by Global Infrastructure Partners and EQT agreed to acquire AES, furthering its position as premier clean energy platform in the Americas. AES ranks #1 clean energy seller to corporations for fifth consecutive year (BloombergNEF), with 11.8 GW signed corporate PPAs. Dividend of $0.17595 per share declared, payable May 15, 2026. Downgraded to Hold from Buy at Argus (March 26, 2026). Merger integration ahead; recent earnings exceeded expectations but valuation concerns amid renewable energy shifts. Current price $14.31; dividend yield 4.9%.
Apr 7No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Apr 6GIP/EQT consortium agrees to acquire AES for $15/share ($33.4B EV).Neutral▶
Consortium led by Global Infrastructure Partners (BlackRock) and EQT Infrastructure VI agreed to acquire AES for $15.00/share (equity $10.7B, EV ~$33.4B) with CalPERS/Qatar Investment Authority co-investors. AES named top seller of clean energy to US corporations 5th consecutive year.
Apr 3AES Corporation announced $15 per share acquisition by Horizon Parent with shareholder vote set for April 29.Neutral▶
Definitive agreement signed for Horizon Parent acquisition at $15 per share in cash, implying $10.7 billion equity value. Closing expected late 2026 or early 2027. Company successfully completed consent solicitation on April 1 for 5.450% Senior Notes due 2028. Annual shareholder meeting scheduled for April 29.
Apr 2AES agrees to acquisition by consortium led by Global Infrastructure Partners and EQT for $15/share ($10.7B equity value) in strategic exit.Positive▶
Consortium of Global Infrastructure Partners (BlackRock) and EQT Infrastructure VI agreed to acquire AES for $15/share cash, $10.7B equity value, $33.4B enterprise value including assumed debt. Deal represents 40.3% premium to 30-day VWAP pre-July 2025. AES ranked top corporate clean energy seller in Americas for 5th consecutive year. Company declared quarterly dividend of $0.17595/share payable May 15, 2026. Argus downgraded to Hold from Buy on March 26.
Apr 1Consortium led by GIP and EQT agreed to acquire AES for $15/share ($10.7B equity value) to take company private.Neutral▶
GIP (BlackRock), EQT, CalPERS and Qatar Investment Authority agreed to acquire AES for $15.00/share (~$10.7B equity, ~$33.4B enterprise value). Transaction expected to close by September 30. AES ranked #1 clean energy seller for 5th consecutive year.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| NRGNRG | $153.21 | -1.53% | +3.9% | 13.7x | 1.34 | $33.0B |
| AESAES | $14.29 | -1.14% | +0.8% | 6.0x | 1.01 | $10.3B |
| NEENEXTERA | $97.22 | -0.67% | +5.5% | 22.3x | 0.73 | $204.1B |
| CEGCONSTELLATION | $308.34 | -1.49% | +13.8% | 22.8x | 1.19 | $113.4B |
| SOSOUTHERN | $97.02 | +0.33% | -0.3% | 19.6x | 0.41 | $109.0B |
| DUKDUKE | $128.89 | -0.51% | -1.4% | 18.1x | 0.45 | $100.8B |
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Price between 50d and 200d. Testing 50d support.