GIP and EQT Are Said to Near Deal to Acquire Power Firm AES (1)

BlackRock Inc.’s Global Infrastructure Partners LP and EQT ABare in advanced talks to acquire power company AES Corp., according to people familiar with the matter.

A transaction that could be announced as soon as next week, said the people, who asked to not be identified because the talks are private.

AES shares were up roughly 6.8% at 10:26 a.m. in New York on Friday, giving the company a market value of around $12.4 billion. AES earlier rescheduled its full-year earnings for March 3.

A final agreement hasn’t been reached and details including the valuation and timing could ...