BlackRock's GIP and EQT Team Up for $40 Billion AES Takeover

February 3, 2026 · by Fintool Agent

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Blackrock-4.43%'s Global Infrastructure Partners has enlisted Swedish private equity giant EQT AB as a partner in what could become one of the largest infrastructure take-private deals in history: a $40 billion bid for renewable energy powerhouse Aes Corporation+9.23%.

AES shares surged 8.4% to $15.96 on Tuesday, bringing the stock within striking distance of its 52-week high after Bloomberg reported the two infrastructure giants could announce a deal in the coming weeks.

The renewed interest highlights private capital's conviction that AI-driven data center power demand represents a generational investment opportunity—and that AES, with its industry-leading contracts with Microsoft-2.87%, Meta-2.08%, and Alphabet-1.16%, is uniquely positioned to capitalize on it.

The Deal Structure

At a roughly $40 billion enterprise value—including approximately $30 billion of debt and an $11 billion market cap—the transaction would represent one of the largest-ever infrastructure acquisitions.

GIP brings unmatched scale as the world's largest dedicated infrastructure investor, having been acquired by BlackRock for $12.5 billion in 2024. EQT AB, a Swedish private equity firm with over $130 billion in assets under management, specializes in infrastructure investments and adds additional firepower to the consortium.

AES has been exploring strategic options since July 2025 after receiving takeover interest from infrastructure investors. Talks intensified in October 2025 when the Financial Times first reported GIP was in advanced discussions, sending shares up 17% in a single session.

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Why AES: The Data Center Power Play

The strategic logic is clear: AI is driving unprecedented demand for electricity, and AES has positioned itself as the go-to renewable energy provider for the hyperscalers building the infrastructure.

"We are the top electricity provider to premier corporate clients, including data center customers," CEO Andrés Gluski told investors. "We have signed agreements for 9.5 gigawatts with data center companies—more than anyone else in the sector." 1

The numbers underscore why infrastructure investors see AES as an irreplaceable asset:

McKinsey estimates that U.S. data centers alone could require an additional 450 terawatt-hours through the end of the decade—equivalent to more than the annual electricity consumption of France. 7 AES's contracts with the biggest names in tech position it to capture a significant share of that demand.

"Our customers want to work with AES due to our track record of providing customized solutions that best serve their specific needs and delivering our projects on time and on budget," Gluski noted. 8

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Financial Profile

AES operates a diversified portfolio spanning renewables, utilities, and energy infrastructure across 15 countries. Recent financials show stable operating performance:

*Values retrieved from S&P Global

The significant debt load has been a key consideration in valuation discussions. At the current stock price, AES trades at approximately 4x EV/EBITDA—a discount to pure-play renewables peers.

Q3 2025 showed strong momentum in the renewables business:

"Adjusted EBITDA from our Renewables SBU is up nearly 50% year-to-date primarily as a result of the 3 GW we brought online since third quarter 2024," CFO Stephen Coughlin said. 15

Stock Performance

AES shares have staged a remarkable recovery from their 52-week lows near $9.46, driven by acquisition speculation and improving fundamentals.

The stock's surge from sub-$10 levels to near $16 represents a validation of the AI power thesis—and suggests shareholders may hold out for a premium in any take-private transaction.

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Why Private Capital Is Moving Now

The timing of the renewed bid reflects several factors converging:

Regulatory Protection: AES has safe-harbored the vast majority of its U.S. renewables backlog, providing protection from potential changes to tax credit policy. "Of the 7.9 gigawatt U.S. backlog, we plan to place in service six gigawatts before year end 2027, all of which qualify for existing tax credits under recent legislation," management noted. 1

Supply Chain Security: "All of our major equipment is now either on-site or coming from U.S.-based suppliers with their own supply chains diversified outside of China," Gluski said. "We have essentially eliminated any potential impact from previously announced tariffs." 2

Utility Growth: AES's Indiana and Ohio utilities represent a second growth engine, with 2 gigawatts of data center load already signed and more in negotiation. "Our utilities have many natural advantages that are attractive to large technology companies, such as proximity to fiber networks and the presence of ample land and water," the company noted. 3

Competitive Scarcity: As CFO Coughlin explained: "Data center customers have an incredible need for new power and future expirations of renewables incentives are unlikely to slow this down. Our expectation is that PPA prices will adjust to fully remunerate invested capital at attractive returns." 4

What to Watch

The path to a deal remains uncertain. Bloomberg cautioned that "no final decision has been made and the talks could still drag on or fall through."

Key considerations for investors:

• Pricing: At what premium will AES shareholders accept a take-private? The stock's run from $9 to $16 has already captured significant value
• Financing: How will the consortium structure $30+ billion of debt in the current rate environment?
• Regulatory Approval: Utility acquisitions require state regulatory approval, which could extend the timeline
• Competing Bids: Could other infrastructure players emerge with a higher offer?

If completed, the deal would mark a significant escalation in private capital's bet on the AI power revolution—and remove one of the largest pure-play data center power providers from public markets.

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Related: Aes Corporation+9.23% · Blackrock-4.43% · Microsoft-2.87% · Meta Platforms-2.08% · Alphabet-1.16%