AES Stock Surges 14% on Takeover Report. Why BlackRock May Be Interested in the Struggling Utility

TigerOct 1, 2025 2:14 PM

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AES stock was surging 14% on Wednesday after a report said that the renewable power company was close to being bought in a high-profile takeover deal.

BlackRock-owned General Infrastructure Partners is nearing a $38 billion deal to buy AES, the Financial Times reported, citing people briefed on the matter. Talks are at an advanced stage but could still fail to yield a deal, the people said.

An AES spokesperson said the company would not respond to “rumors in the marketplace.” GIP declined to comment.

AES shares have slumped 34% over the past year, with investors fretting about a drop in revenue as well as the Trump administration’s rollback of clean-energy tax credits.

But it could make sense for the company to be an artificial-intelligence play, because its renewable energy grids supply the power needed to run large-language models. In recent years, AES has brokered deals to supply the likes of Microsoft, Google parent Alphabet, and Facebook parent Meta Platforms.

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