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AES Explores Sale Options Amid Takeover Interest
July 10, 2025
AES Corp, a prominent renewable energy provider to tech giants, is exploring strategic options including a potential sale after attracting takeover interest from major infrastructure investors such as Brookfield Asset Management and BlackRock’s Global Infrastructure Partners. This rise in interest comes after AES’ stock price plummeted over 50% in the last two years. A potential $40bn leveraged buyout of AES would rank amongst the largest deals of all times.
While interest in AES is high, there is no certainty a transaction will proceed as per sources. According to a Jefferies report, AES owns valuable assets but is over-levered and has an Adjusted Net Debt-to-EBITDA of 7.3x. In recent times, the company’s pivot to renewables has been challenged by US policy changes, including permitting restrictions, higher tariffs and a rapid phaseout of clean energy tax credits. Although AES has signed deals to provide renewable power to data center companies like Amazon, Microsoft and Google, they still own natural gas, coal assets and two utilities in Indiana and Ohio.
AES’s 2.45% 2031s moved higher by 3.1 points and are now trading at 90.1, yielding 4.5%.
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