AES Corp Announces Ohio Approval for Proposed Merger

What Happened AES Corporation announced that the Public Utilities Commission of Ohio (PUCO) issued an order on September 17, 2026 approving the previously announced Agreement and Plan of Merger dated March 1, 2026 among AES, Horizon Parent, L.P. (Parent) and Horizon Merger Sub, Inc. (Merger Sub). Under the Merger Agreement, Merger Sub will merge into AES, with AES continuing as the surviving corporation. The PUCO approval is a condition to closing; the transaction remains subject to additional regulatory approvals and other customary closing conditions.

Key Details

• Merger Agreement originally entered March 1, 2026; PUCO issued approval on September 17, 2026.
• Upon closing, AES will be jointly owned by vehicles affiliated with Global Infrastructure Management, LLC and the EQT Infrastructure VI fund, along with other investors.
• PUCO approval is necessary but not sufficient—closing still requires other regulatory approvals and customary closing conditions.
• Filing contains a forward-looking caution listing key risks (e.g., timing and completion of the transaction, regulatory approvals, litigation, business disruptions, financing, retention of personnel, transaction costs, possible termination fees).

Why It Matters Regulatory approval from Ohio is a meaningful milestone toward completing the takeover transaction, reducing one regulatory obstacle to closing. However, because other approvals and customary conditions remain outstanding, there is no guarantee the merger will close on a particular timetable. Investors should note the filing’s list of specific risks and that AES’s ownership and strategic direction would change upon closing.