A consortium of investors led by Global Infrastructure Partners, a BlackRock company, and investment group EQT has agreed to acquire AES Corp for $10.7 billion. The massive construction of AI data centers is driving a sharp increase in electricity demand.

As significant energy demands from artificial intelligence place heavy burdens on power grids, utility and power generation companies like AES Corp are attracting growing attention. Bayo Ogunlesi, CEO of BlackRock's Global Infrastructure Partners, stated, "Substantial investment is required for new capacity in power generation, transmission, and distribution."

AES Corp indicated that the sale will provide funding previously unavailable to the company for expanding its U.S. energy generation operations.

Jay Morse, Chairman of AES Corp, said, "AES Corp's growth beyond 2027 will require considerable capital, particularly for substantial new investments in U.S. power generation and utility operations. Without a transaction with the consortium, the company might need to consider options including reducing or canceling dividends and/or a large-scale issuance of new shares."

The investor group also includes the California Public Employees' Retirement System (CalPERS) and the Qatar Investment Authority (QIA).

Investors will pay $15 per share, representing a 40% premium over the volume-weighted average price over the 30 days prior to July 8 of last year, which was the last full trading day before media reports of a potential acquisition emerged.

Following media reports of the potential deal, the company's stock price rose, closing at $17.28 on Friday.

In premarket trading on Monday, the stock fell 17% to $14.41.

The transaction is expected to be completed in late 2026 or early 2027.