Bold headline: Major AES Ohio buyer emerges, signaling a transformative shift for the utility’s future. And this is the part most people miss: the deal isn’t just about price—it reshapes ownership, capital access, and regional energy strategy.
Investors have announced a plan to acquire AES Corp., the parent company of AES Ohio, for $15 per share in cash. The transaction values the equity at about $10.7 billion and the enterprise value at roughly $33.4 billion, with Global Infrastructure Partners and the EQT Infrastructure VI fund leading the charge and co-underwritten by the California Public Employees’ Retirement System (CalPERS) and the Qatar Investment Authority. The groups have formalized a definitive agreement to take AES private at the stated price.
AES notes that the deal will empower the company to pursue long-term growth across its diverse portfolio, which includes regulated electric utilities, competitive clean energy projects in the United States, and critical energy infrastructure assets in Latin America. The buyer group emphasizes that their track record includes substantial energy infrastructure investments and a shared commitment to safety, affordability, and reliable customer service. AES also asserts that the transaction will improve access to capital, enabling ongoing investments in essential energy infrastructure, delivering dependable energy solutions to customers, and generating long-term value for shareholders, employees, and local communities alike.
Speculation about BlackRock-backed Global Infrastructure Partners pursuing AES had circulated for months, building market chatter since last autumn. AES Ohio declined to comment beyond the official release.
Background on the Dayton Power story: In 2011, AES completed a merger that absorbed DPL Inc., the former parent of Dayton’s main electric utility. That $4.7 billion deal ended DPL’s 100-year independence as Dayton Power and Light Co., rebranding the unit as AES Ohio nearly a decade later.
Today, AES Ohio serves about 527,000 customer accounts, equating to roughly 1.25 million people across West Central Ohio. AES leaders describe the transaction as a way to maximize value for stockholders while positioning the company to meet evolving energy needs and deepen commitments to customers and communities.
Market response was modestly muted mid-day, with AES Corp.’s shares trading near $14.15 following the announcement.
About the author: Thomas Gnau has covered business for the Dayton Daily News since 2007 and has reported for Ohio newspapers since 191.
