AES Could Be The Next Big Utility Buyout

AES got a jolt of deal speculation on February 27, 2026, after reports said BlackRock owned Global Infrastructure Partners and EQT are in advanced talks to acquire the U.S. utility. Shares rose about 6.7% in morning trading, putting the company’s market value around $11.57 billion. EQT said it would not comment, and AES and GIP were not immediately available for comment.

The timing fits the new reality where power has quietly become an AI growth category. Data center demand has been straining electrical grids and lifting long term power needs, which is exactly why infrastructure buyers have been circling large generation portfolios. AES has been leaning into that demand tailwind too, signing a 20 year agreement with Google to supply power for a new data center planned in Wilbarger County, Texas.

The setup is attention grabbing, but it is still a talks story, not a signed story. A deal could be announced as soon as next week, but there is no final agreement, and the details could still shift on valuation and timing. Until something becomes official, the market is left trading the idea of a transaction rather than the terms of one.

AES did issue an official release the same day about rescheduling its fourth quarter and full year earnings review to Tuesday, March 3, 2026 at 10:00 a.m. ET, after planning to file its Form 10-K on Monday, March 2, but that notice does not confirm any transaction. There is some market chatter connecting the two because the call moved the same day the buyout talk hit the tape. Still, for many large accelerated filers, March 2 is a standard Form 10-K deadline, so aligning the conference call right after the filing is most likely a boring but plausible reason for rescheduling. For now it is a rumor with a calendar, and the cleanest approach is to watch for terms until something is signed. If a deal lands, the numbers will matter more than the buzz, and March 3 is the next real checkpoint.

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