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AES Corp (NYSE:AES) surged 14.06% to $15.01 during pre-market trading on Wednesday following reports that BlackRock’s Global Infrastructure Partners is nearing a $38 billion acquisition of the utility company.
Check out the current price of AES stock here.
According to a Reuters report via the Financial Times, Global Infrastructure Partners (GIP), which is owned by BlackRock (NYSE:BLK), is close to finalizing a $38 billion deal, including debt, to purchase AES.
Negotiations between GIP and AES are reportedly well advanced, though there is still a chance the deal may not go through.
The rising demand for power driven by the expansion of artificial intelligence and data centers is benefiting utilities, prompting both companies and investors to seek strategic deals within the sector.
Market analysts have been tracking the deal developments closely.
According to reports, AES exceeded Wall Street’s profit expectations for the second quarter in July. The company’s renewable energy division has seen substantial growth, driven by the global shift towards cleaner power sources.
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On July 8, shares of AES rose nearly 13% after Bloomberg News reported that the company was considering strategic options, including a possible sale, in light of takeover interest from several prominent investment firms.
GIP has a proven track record in the utilities sector, having partnered with CPP Investments to acquire the U.S. utility Allete (NYSE:ALE) in a $6.2 billion take-private deal, including debt, in 2024.
According to Benzinga Pro data, the utility company closed at $13.16 on Tuesday. Over the past year, the company has experienced a 34.98% loss, but year-to-date, it has gained 2.25%.
The Virginia-based firm has a 52-week range of $9.46 to $20.30. The company boasts a market capitalization of $9.37 billion, an average daily trading volume of 8.92 million shares, and a price-to-earnings ratio of 9.36.
Benzinga’s Edge Stock Rankings highlight AES has a Growth score of 84.83. Track the performance of other players in this segment.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
