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(Bloomberg) — BlackRock Inc.’s Global Infrastructure Partners has teamed up with EQT AB in its bid to acquire power company AES Corp., according to people familiar with the matter.
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The two investment firms could reach an agreement as soon as the coming weeks to buy AES, which provides renewable power to tech giants like Microsoft Corp., said the people. No final decision has been made and the talks could still drag on or fall through, said the people, who asked to not be identified because the matter is private.
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Representatives for AES, GIP and EQT declined to comment.
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Shares of AES rose as much as 7.7% in premarket trading in New York on Tuesday. The stock closed little changed at $14.73 on Monday, giving the company a market value of about $10.5 billion. It’s worth about $43 billion, including debt, according to data compiled by Bloomberg.
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AES has been exploring options including a sale after receiving takeover interest from infrastructure investors including GIP, Bloomberg News reported last year.
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Power providers have become hot takeover targets amid surging electricity demand from computer farms running artificial intelligence applications. Last year, Blackstone Inc. agreed to acquire TXNM Energy Inc. and Constellation Energy Corp. reached a deal to buy Calpine Corp.
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Based in Arlington, Virginia, AES owns a fleet of renewable generation, including wind and solar, as well as natural gas and coal assets and a utility in both Indiana and Ohio.
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—With assistance from Mark Chediak.
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(Adds premarket trading in fourth paragraph.)
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English (US)