BlackRock-owned Global Infrastructure Partners is closing in on a $38 billion deal to acquire utility group AES, according to Tuesday reports, as the artificial intelligence and data center boom drives surging power demand. AES stock gapped up on the news.
Talks between infrastructure investment fund GIP and Virginia-based AES are in advanced stages, but can still potentially fall through, the Financial Times reported. The $38 billion price tag is expected to include debt.
AES stock rallied on July 9 after the company first announced it was exploring strategic options, including a potential sale.
BlackRock acquired GIP last year for about $12.5 billion in cash and common stock. At the time, GIP had $170 billion in assets under management, with a portfolio of 300 active investments in over 100 countries.
AES Set For Breakout
AES jumped almost 17% Wednesday, marking a breakaway gap breakout above a 13.99 buy point for a 10-week flat base.
Shares have rebounded 62% from their 2025 low in May through Tuesday. AES has recovered to a 19% gain on the year, and shares have formed a tight flat base over the past 10 weeks.
BlackRock stock slid 2% Wednesday, easing further from a 1171.89 flat base buy point. Shares attempted to break out above the entry on Monday.
BLK shares have advanced 11% in 2025.
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