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

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.