Global Infrastructure SherpaConsortium Led by Global Infrastructure Partners and EQT Agrees to Acquire AES
USD10.7B
Deal Value
A consortium led by Global Infrastructure Partners and EQT has agreed to acquire AES, a leading clean energy platform, for $15.00 per share in cash, representing a total equity value of $10.7 billion and an enterprise value of approximately $33.4 billion. The transaction is expected to close in late 2026 or early 2027. The consortium includes co-underwriters California Public Employees Retirement System and Qatar Investment Authority.
Counterparts (5)
Buyer
Global Infrastructure Partners
Global Infrastructure Partners (GIP) is a leading infrastructure investor specializing in investing in, owning, and operating large and complex assets in the energy, transport, digital infrastructure, and water and waste management sectors. With a focus on decarbonization, GIP aims to support the global energy transition through its investment strategies.
E
EQT Infrastructure VI
EQT Infrastructure VI is a fund managed by EQT, a global investment organization, focused on acquiring and developing infrastructure assets. The fund targets control or co-control equity investments in essential infrastructure companies across digital, energy transition, transport & logistics, and environmental & social infrastructure sectors. It emphasizes long-term value creation through active ownership and sustainable business practices.
California Public Employees' Retirement System
CalPERS is a public pension fund that invests globally across various asset classes, including infrastructure, to secure retirement benefits for California's public employees. Its infrastructure strategy focuses on long-term, stable returns, primarily through commitments to specialized infrastructure funds and co-investments with experienced managers.
Qatar Investment Authority
Qatar Investment Authority (QIA) is Qatar's sovereign wealth fund, established to diversify the nation's economy and invest its surplus revenues globally. It pursues a long-term investment strategy across a broad range of asset classes, including public and private equity, real estate, and alternative investments, with a significant focus on infrastructure, technology, and sustainable energy transition projects worldwide.
Deal Analysis
A consortium led by Global Infrastructure Partners (GIP) and EQT Infrastructure VI fund has announced an agreement to acquire The AES Corporation, described as a leading clean energy platform. This significant transaction values AES at $15.00 per share in cash, equating to a total equity value of $10.7 billion and an enterprise value of approximately $33.4 billion. The involvement of prominent co-underwriters such as California Public Employees' Retirement System (CalPERS) and Qatar Investment Authority (QIA) underscores the substantial institutional capital being deployed into this sector.
This acquisition highlights a strong strategic interest in the clean energy sector by major infrastructure investors and sovereign wealth funds. GIP, known for investing in large and complex assets, alongside EQT and other institutional investors, signals a long-term commitment to owning and operating critical clean energy infrastructure. The expected closing timeline of late 2026 or early 2027 suggests a complex deal requiring significant regulatory approvals and integration planning, typical for transactions of this magnitude and strategic importance within the North American energy market.
- Acquisition of a leading clean energy platform by a consortium of major infrastructure investors.
- Substantial enterprise value of approximately $33.4 billion, indicating a large-scale transaction.
- Involvement of prominent institutional co-underwriters, including CalPERS and QIA.
- Extended closing timeline (late 2026/early 2027) reflecting the complexity of the deal.
Timeline
Announced
Mar 2, 2026
Signed
Closed