KEY POINTS
- GIP, co-founded by Adebayo Ogunlesi, is in talks to buy AES.
- AES shares surged 12 percent on takeover speculation.
- Rising AI power needs highlight GIP’s energy role.
Nearly two years after BlackRock Inc. acquired Global Infrastructure Partners in a $12.5 billion deal, the infrastructure fund co-founded by Nigerian billionaire Adebayo Ogunlesi is back in the spotlight.
GIP is in advanced talks to buy AES Corp., the Virginia-based power company valued at about $40 billion including debt, according to Reuters and people familiar with the matter. A deal could be struck this week, though delays or collapse remain possible. The potential takeover comes as energy demand surges, fueled by the rapid growth of artificial intelligence.
AES stock jumps on takeover speculation
AES, which operates power assets across four continents with over 36,000 megawatts of generating capacity, saw its shares climb more than 12 percent after news of GIP’s interest, pushing its market capitalization above $10 billion. The utility carries about $29 billion in consolidated debt, meaning any acquisition would likely value it at more than $38 billion.
GIP deepens BlackRock’s utilities footprint
For GIP, the deal would mark another significant move into the utilities sector. Last year, it teamed up with CPP Investments in a $6.2 billion acquisition of U.S. utility Allete. BlackRock’s 2024 takeover of GIP strengthened its presence in infrastructure and private markets, handing Ogunlesi nearly 1.8 million BlackRock shares and $600 million in cash.
Ogunlesi bridges finance, energy and AI
Ogunlesi, 71, sits on BlackRock’s board and earlier this year joined the board of OpenAI, the developer of ChatGPT. In September, OpenAI struck a landmark $300 billion deal with Oracle for cloud computing power over five years.
Billionaires Africa says analysts estimate the agreement will require 4.5 gigawatts of electricity the equivalent of powering about four million homes. The deal underscores the link between AI’s future and energy supply, a space where Ogunlesi and GIP remain central players.
