Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Let us save you some suspense, because this one has an unusual wrinkle that dominates everything else: AES is no longer really a stock. On March 1, 2026, the company agreed to be acquired by a consortium led by Global Infrastructure Partners (a BlackRock company) and EQT Infrastructure VI, with CalPERS and the Qatar Investment Authority alongside, for $15.00 per share in cash — roughly $10.7 billion of equity value and $33.4 billion of enterprise value including the mountain of debt. Stockholders approved the deal on June 26, 2026. The Hart-Scott-Rodino waiting period expired June 22, 2026. What remains is a queue of regulatory approvals — PUCO in Ohio, the New York Public Service Commission, FERC, CFIUS, and certain foreign regulators — with closing expected late 2026 or early 2027.
Recent filings analysed: 8-K (2026-08-05), 10-Q (2026-08-04), 8-K (2026-07-27), 8-K (2026-06-26).
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