BlackRock-Linked Deal to Take AES Private Raises Concerns
AES, the parent company of AES Indiana, announced Monday that it has agreed to be acquired in a $33 billion deal by a consortium of domestic and international investors — a move that could take the company private as soon as this year. The announcement quickly raised concerns among some Indiana leaders.
The group of buyers includes Global Infrastructure Partners, a New York–based subsidiary of BlackRock, along with the Infrastructure VI fund from Swedish investment firm EQT. Two underwriters are also involved in the transaction: the California Public Employees’ Retirement System and the Qatar Investment Authority, the sovereign wealth fund of Qatar.
According to a company news release, AES and the investor group have reached a definitive agreement to purchase the company for $15 per share in cash. The deal represents a total equity value of $10.7 billion and an enterprise value of approximately $33.4 billion.
The acquisition is expected to be finalized in late 2026 or early 2027.
“We believe this transaction maximizes value for existing stockholders and positions the Company for long-term success as we continue delivering on our commitments to customers, communities and people,” said AES President and CEO Andrés Gluski.
AES Board Chair Jay Morse said the company may have faced difficult financial decisions without the agreement.
Without the deal, he said, AES likely would have had to reduce or eliminate its dividend “and/or” issue substantial new equity to shareholders.
The company said the new investors will strengthen AES’s access to capital needed to expand energy infrastructure.
“AES’ electric utilities in Indiana and Ohio are experiencing significant demand growth and remain focused on maintaining reliable service and affordable rates for all customers,” the company said. “As a private company, AES will continue to invest prudently in utility assets to meet the growing energy needs of all 1.1 million customers.”
AES Indiana currently ranks among the state’s “big five” investor-owned electric utilities. It provides service to more than 500,000 retail customers in Indianapolis and nearby communities across an exclusive service territory spanning roughly 530 square miles, according to an integrated resource plan submitted to state regulators last year.
The company said AES Indiana and AES Ohio will continue operating as locally managed regulated utilities. It also said the acquisition “is not expected to impact customer rates.”
Still, the deal drew criticism from several Indianapolis Democrats.
U.S. Rep. André Carson said he worries private ownership could negatively affect Indiana residents.
“I’m very concerned that AES’s move toward private ownership will hurt Hoosiers,” Carson said. “Private firms having a stake in public utilities – an essential service – will put profits over people.”
State Rep. Cherrish Pryor also criticized the timing of the announcement, saying AES “conveniently” revealed the deal shortly after the Indiana General Assembly adjourned its 2026 legislative session Friday.
She suggested the company waited until lawmakers had left the Statehouse to avoid possible efforts to regulate or block the sale.
“AES has continued to put shareholders’ profits above the needs of working families. Selling to private equity will only make it worse,” Pryor said in a news release. She added that she fears the deal could allow her constituents to be “exploited” and “set a dangerous precedent statewide.”
Indiana Gov. Mike Braun took a more neutral stance when asked about the deal during an unrelated Monday news conference.
“We want to see rates coming down, and that’s going to be the main criterion,” Braun told reporters. “Very simple — BlackRock or anyone else.”
