Overview

• People familiar with the matter say Global Infrastructure Partners is negotiating a purchase of AES that would exceed $38 billion when including assumed obligations.
• AES carries about $29 billion in consolidated debt, making the company’s enterprise value far larger than its roughly $9.4 billion market capitalization.
• AES shares jumped about 15% to near $15.15 on the reports, reaching their highest level in roughly 11 months.
• Sources indicate an announcement could come in the coming weeks, though no agreement has been reached and talks could still fail.
• AES declined to comment and GIP did not respond, as investors point to rising power needs from AI data centers and AES’s ties to Alphabet, Amazon, and Microsoft.