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Bond Market News
BlackRock’s GIP in Talks to Buy Power Company AES, as per Reports
October 3, 2025
BlackRock owned Global Infrastructure Partners (GIP) is said to be in advanced talks to buy utility group AES, according to reports, a deal that could be one of the largest ever involving a US-listed power company. Some estimate that a potential deal would likely value the company at more than $40bn. A transaction could be announced in the coming weeks, as per reports and sources, who cautioned there was no guarantee that an agreement will be reached and talks could still fall through. BlackRock last year acquired GIP for $12.5bn as part of its move to expand its footprint in infrastructure and private markets. GIP has a notable track record in the utility space, including teaming up with CPP Investments last year on a pending $6.2bn take-private acquisition of US utility Allete. AES has power assets in four continents, generating more than 36,000 megawatts, according to its website. AES carries consolidated debt of around $29bn. In July, it was reported that AES received takeover interest from Brookfield Asset Management and GIP.
AES dollar bonds were largely stable, with its 5.8% 2032s trading at 102.76 yielding 5.28%.
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