EU Clears AES's $15/Share Takeover, Another Regulatory Hurdle Passed
AES is trading near its 52-week low of $13.21 (13% above the low).
Summary
The European Commission approved AES's $15-a-share cash sale to a consortium led by BlackRock's Global Infrastructure Management and EQT Infrastructure, finding no competition concerns given the parties' limited combined market position. This is the latest in a string of clearances: CFIUS signed off in August and the Public Utilities Commission of Ohio approved in September. The deal, announced in March, values AES at $10.7B in equity and roughly $33.4B including debt, with CalPERS and the Qatar Investment Authority as co-underwriters. Each approval removes a closing condition and narrows the gap to completion, though the merger still requires remaining regulatory sign-offs. AES shares trade at $14.94, just below the $15 deal price, implying the market sees high but not certain odds of closing.
At the time of this announcement, AES was trading at $14.94 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $10.7B. The 52-week trading range was $13.21 to $17.65. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.