Nigerian billionaire Adebayo Ogunlesi’s GIP nears deal to acquire power firm AES

Global Infrastructure Partners, the New York-based investment firm founded by Nigerian billionaire Adebayo Ogunlesi, is in advanced talks with EQT AB to acquire AES Corp., according to people familiar with the matter. A deal could be announced as soon as this week, though negotiations are ongoing and terms may still change.

AES climbs as investors watch deal talks

AES shares are up over 16 percent year-to-date lifting market capitalization to $12.4 billion. The discussions involve Global Infrastructure Partners, which is owned by BlackRock Inc., alongside EQT. The people spoke on condition of anonymity because the talks are private.

The timing remains uncertain. While an announcement could come soon, there is no guarantee a final agreement will be reached. AES has also rescheduled its full-year earnings release to March 3, adding to investor focus on the situation.

AI-driven demand fuels AES buyout interest

Interest in AES reflects a shift in power markets. Electricity demand is climbing, driven in part by data centers supporting artificial intelligence. Companies such as Google, Microsoft Corp. and Amazon.com Inc. are expanding their need for reliable and renewable energy. AES has positioned itself as a supplier to such clients, though its shares have lagged behind some peers.

Based in Arlington, Virginia, AES had been weighing its options after drawing takeover interest from infrastructure investors last year. Earlier reports indicated that GIP and EQT had joined forces to pursue the company.

Executives at AES have said the market does not fully reflect the value of its business. The company operates a mix of wind and solar assets, alongside natural gas and coal facilities, and runs utilities in Indiana and Ohio. Analysts say a buyout could offer a clearer path forward, especially given concerns about its balance sheet and exposure to developing markets.

Ogunlesi builds $170 billion infrastructure behemoth

Ogunlesi, 72, co-founded Global Infrastructure Partners after more than two decades at Credit Suisse. He built the firm into one of the world’s largest infrastructure investors, with about $170 billion in assets under management. Its portfolio spans transport, energy and natural resources, with combined annual revenue of about $71 billion.

In 2024, BlackRock agreed to acquire GIP in a $12.5 billion deal that saw Adebayo Ogunlesi receive $600 million in cash and 1,822,926 shares of BlackRock. Since then, the firm has remained active, leading major transactions such as the $40 billion acquisition of Aligned Data Centers and an $11 billion lease deal tied to natural gas assets owned by Saudi Aramco.

EQT, for its part, continues to expand its infrastructure platform across energy, digital and logistics assets. The firm raised €21.5 billion, about $25.4 billion, for its latest infrastructure fund last year, underscoring investor interest in long-term energy and power investments.