Ohio Regulators Approve Key Merger Milestone for AES’s Take‑Private Deal

A major regulatory milestone has been reached in the $10.7 billion take‑private acquisition of AES Corporation. On September 17, 2026, the Public Utilities Commission of Ohio (PUCO) officially issued an order approving the merger, advancing the transaction toward completion. This approval paves the way for the consortium-led bid by Global Infrastructure Partners and EQT to proceed, subject to remaining regulatory consents and closing conditions.

The March 2026 merger agreement, under which AES’s shareholders are to receive a cash offer of $15.00 per share, has already secured board approval as well as shareholder consent earlier in the summer. However, regulatory approvals at both the federal and state levels are required before the deal can close. PUCO’s approval of the merger on September 17 now clears the utility regulator’s requirement in Ohio, significantly reducing regulatory uncertainty in the state where AES operates AES Ohio and AES Indiana.

This transaction, led by a consortium including BlackRock’s Global Infrastructure Partners and EQT, values AES at approximately $10.7 billion in equity, and some $33 billion on an enterprise basis. It is structured to allow AES utilities to continue operating under existing regulated frameworks following the deal close. Dividends are expected to continue until closing, after which the company will become private and cease trading on the NYSE.

Why This Matters

The PUCO’s approval represents a pivotal development in a high-profile transaction in the utilities sector. With this critical state-level green light secured, AES moves closer to transitioning into private ownership, which is expected in late 2026 or early 2027. Remaining regulatory hurdles likely include approvals from other state regulators and federal agencies.

For investors and market participants, the advance offers clarity on the timeline affecting liquidity and share disposition. AES common stock, last noted trading around $14.87 as of September 25, 2026, remains subject to the deal terms—investors will receive $15.00 per share upon closing. The continued receipt of dividends and cessation of NYSE trading are two immediate shareholder considerations.

Next Steps and Risks

While PUCO approval is a significant step, uncertainties remain. The acquisition still faces potential scrutiny from other regulatory bodies and must withstand final legal and procedural conditions. Delays or conditions arising from other jurisdictions could affect the closing timeline.

Stakeholders may monitor filings with federal regulators like the Federal Energy Regulatory Commission, as well as the review processes of individual states where AES operates. Any material developments or obstacles could affect the prospective closure schedule for the transaction.

For now, AES appears firmly on track toward concluding the take‑private acquisition, with key Ohio regulatory approval firmly in hand.