Ohio Regulators Approve Key Merger Milestone for AES, Advancing Take‑Private Deal

The AES Corporation (NYSE: AES) achieved a critical regulatory milestone on September 17, 2026, when the Public Utilities Commission of Ohio (PUCO) granted approval for its pending merger with a consortium led by Global Infrastructure Partners (GIP) and EQT Infrastructure VI. This marks the first state-level nod required under the merger agreement and clears a significant hurdle toward closing the deal.

PUCO Approval Advancing AES Take‑Private Transaction

The approval from PUCO confirms that the Ohio-regulated businesses within AES—primarily AES Ohio—have received state-level authorization necessary to move forward under the terms of the merger agreement enacted March 1, 2026. While this approval is essential, the merger still requires additional regulatory clearances and must satisfy customary closing conditions before the acquisition can be finalized.

The agreement between AES and the consortium envisages a $15.00 per share cash acquisition, led by GIP and EQT, which if completed, would take AES private and remove its common stock from trading on the New York Stock Exchange.

Merger’s Path Forward and Remaining Hurdles

PUCO’s affirmation is a pivotal development in a broader regulatory approval process. The merger’s completion still hinges on securing federal and possibly other state-level approvals, while navigating any outstanding legal or administrative conditions.

Earlier this summer, AES shareholders approved the merger at a special meeting held on June 26. That vote advanced the process forward but did not eliminate remaining regulatory obstacles. Notably, AES previously received CFIUS approval in late August, which addressed national security considerations tied to the acquisition.

Significance for Investors

The PUCO’s decision is a material development for investors and shareholders who continue to await closure of the transaction. The approval reduces one layer of merger-related uncertainty, particularly as it pertains to AES’s regulated utility operations in Ohio.

Given the confirmed live stock price of $14.83 as of September 18, 2026 (a decline of 0.27%), the $15.00 offer price remains compelling for shareholders, representing a modest premium. While this approval bolsters confidence in the transaction’s eventual completion, investors should still monitor pending regulatory outcomes and any further legal or procedural delays.

What Comes Next

With state-level approval now secured in Ohio, the merger process is entering its final stages. Key next steps include obtaining remaining regulatory clearances, ensuring no unexpected legal barriers arise, and confirming that all customary closing conditions are met.

Investors monitoring AES should watch for announcements regarding approval in other jurisdictions or federal endorsements, as well as any updates on the anticipated closing timeline. The successful merger would mark a strategic shift for AES, transitioning from a public utility to a privately held energy platform under GIP and EQT ownership.