AES, power provider to hyperscalers, is exploring a potential sale

Shares of AES Corp. are up double digits in premarket trading after Bloomberg reported that the company is willing to listen to acquisition offers.

The Virginia-based operator of renewable energy power plants and electricity distributor counts Google, Microsoft, and Amazon as customers.

The report says that the infrastructure arms of giant investment firms Brookfield Asset Management and BlackRock have been eyeing the firm in light of the more than halving of its share price since late 2022 as AES has struggled despite the AI boom kickstarting a huge bid for power.

In Q1, its revenues dipped below where they were in 2007, while its net debt has nearly doubled since that time.

While the AES’s market cap is under $8 billion, its enterprise value (which includes net debt, something any acquirer would be looking at when evaluating the company) is almost $40 billion.

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