BlackRock’s GIP and EQT to Buy AES for $10.7 Billion (4)

BlackRock Inc.’s Global Infrastructure Partners LP and EQT AB agreed to buy AES Corp. for about $10.7 billion in cash as the market heats up for power plant developers that can provide electricity for energy-hungry AI data centers.

GIP and EQT will pay $15 per share for AES, a utility and power producer, it said in a statement Monday. The enterprise value of the deal is about $33.4 billion.

AES’ shares slumped as much as 18%, the most intraday in nearly six years, and were trading at $14.30 at 1:04 p.m. in New York.

The $15 per share is ...