AES Corp., guided by Skadden Arps Slate Meagher & Flom LLP, said Monday that it has agreed to be acquired by a consortium of infrastructure investors led by Blackrock's Global Infrastructure Partners and EQT Infrastructure VI in a deal with a $10.7 billion equity value and a $33.4 billion enterprise value.

Davis Polk & Wardwell LLP is advising the energy company on certain debt matters. Kirkland & Ellis LLP is advising the consortium and is the legal adviser to GIP. Simpson Thacher & Bartlett LLP is advising EQT.

Under the agreement, the consortium — which also includes co-underwriters California Public Employees' Retirement System and Qatar Investment Authority — will pay $15 per share in cash for AES, representing a 40% premium to the company's unaffected 30-day average share price before July 8, 2025.

The stock was down about 17% Monday, trading around $14.30 per share.

AES, which operates regulated electric utilities in Indiana and Ohio as well as competitive clean energy and critical infrastructure assets in Latin America, said in Monday's announcement that the deal will provide the company with greater financial flexibility to invest in growth initiatives and energy infrastructure.

The company also noted that its regulated U.S. utilities would remain locally managed, with no expected impact on customer rates.

"Following a rigorous review of strategic options, the AES board determined that this transaction with the consortium maximizes value for stockholders and provides compelling cash value," AES Chair Jay Morse said in the announcement.

Executives with the consortium highlighted the group's experience in energy infrastructure investing, emphasizing that AES is well positioned to meet growing electricity demand, particularly in the United States.

In the announcement, Bayo Ogunlesi, chair and CEO of GIP, highlighted increasing market demand for "affordable, safe and reliable power," while EQT Infrastructure's Masoud Homayoun emphasized the transaction's role in supporting the "growth and modernization of essential energy infrastructure that underpins energy security, electrification, digitalization and resilient power systems."

The transaction has received unanimous approval from AES' board and is expected to close in late 2026 or early 2027, subject to customary regulatory approvals and shareholder consent.

After the acquisition, AES common stock will be delisted from the New York Stock Exchange.

Fried Frank Harris Shriver & Jacobson LLP, led by partners Philip Richter and Roy Tannenbaum, is advising J.P. Morgan Securities LLC and Wells Fargo Securities LLC, the financial advisers to AES.

Paul Hastings LLP, led by partner Morgan Bale, is advising Goldman Sachs and Citi on committed financing.

The Skadden Arps Slate Meagher & Flom LLP team is led by partners Pankaj Sinha and Katherine (Kady) Ashley.

The Simpson Thacher & Bartlett LLP team is led by partners Robert Langdon, Fred De Albuquerque, Javad Asghari and Julie Siegel.