BlackRock may buy utility AES for $38 billion

By the numbers: The $38 billion headline figure would include nearly $31 billion of assumed debt.

• AES stock was flat in 2025 prior to the FT report, which sent them up more than 10% in pre-market trading, but down over 30% from this time last year.

The bottom line: AES continues to push U.S. renewables during Trump 2.0, working on projects with tech giants like Alphabet, Meta, and Microsoft.