Pending deal
AES CORP ← California Public Employees' Retirement System,Qatar Investment Authority,Global Infrastructure Management LLC (Fund: Global Infrastructure Partners LP),EQT AB
Cash
Friendly
Utilities
AnnouncedMar 2, 2026
Expected closeJun 30, 2027
Deal value$38.33B
% sought100.0%
SectorUtilities
Announcement jump
Day-0 reaction
-17.77%Pending
Cohort median+7.61%
Day-5 return
Cumulative through day 5
-17.88%Pending
Cohort median+13.63%
Latest spread
Current vs offer
0.7200Pending
Cohort median2.8700
Interpretation
Auto-generated comparison summary
- 01The pending deal's announcement reaction looks materially weaker than the analogue median (-17.8% vs +7.6%).
- 02By day 5, the pending deal still looks materially weaker than analogue history (-17.9% vs +13.6%).
- 03At the current comparison horizon, the spread is materially narrower than the analogue median (0.72 vs 2.87).
- 04Analogue coverage includes 3 same-sector analogues and 52 fallback analogues, so the strongest comparisons should generally come from the same-sector names first.
Top analogues
Ranked by similarity to the pending deal · click headers to sort
10 matches
| Reasons | |||||
|---|---|---|---|---|---|
| 01 | PEPCO HOLDINGS LLC | Tier 1 | Apr 30, 2014 | 1062.62 | same payment type (Cash)same target sector (Utilities)similar percent soughtsame bid nature (Friendly) |
| 02 | SOUTHERN CO GAS | Tier 1 | Aug 24, 2015 | 1062.31 | same payment type (Cash)same target sector (Utilities)similar percent soughtsame bid nature (Friendly) |
| 03 | TECO ENERGY INC | Tier 1 | Sep 4, 2015 | 1060.33 | same payment type (Cash)same target sector (Utilities)similar percent soughtsame bid nature (Friendly) |
| 04 | WALGREENS BOOTS ALLIANCE INC | Tier 2 | Mar 7, 2025 | 98.11 | same payment type (Cash)fallback out-of-sector analoguevery similar deal sizesimilar percent soughtsame bid nature (Friendly) |
| 05 | KELLANOVA | Tier 2 | Aug 14, 2024 | 94.97 | same payment type (Cash)fallback out-of-sector analoguevery similar deal sizesimilar percent soughtsame bid nature (Friendly) |
| 06 | SPRINT COMMUNICATIONS LLC | Tier 2 | Oct 15, 2012 | 94.70 | same payment type (Cash)fallback out-of-sector analoguevery similar deal sizesame bid nature (Friendly) |
| 07 | PRECISION CASTPARTS CORP | Tier 2 | Aug 10, 2015 | 94.67 | same payment type (Cash)fallback out-of-sector analoguevery similar deal sizesimilar percent soughtsame bid nature (Friendly) |
| 08 | RED HAT LLC | Tier 2 | Oct 28, 2018 | 88.99 | same payment type (Cash)fallback out-of-sector analoguevery similar deal sizesimilar percent soughtsame bid nature (Friendly) |
| 09 | TWITTER INC | Tier 2 | Apr 25, 2022 | 85.36 | same payment type (Cash)fallback out-of-sector analoguevery similar deal size |
| 10 | CERNER CORP | Tier 2 | Dec 20, 2021 | 84.74 | same payment type (Cash)fallback out-of-sector analoguesimilar deal sizesimilar percent soughtsame bid nature (Friendly) |
Target return path
Cumulative return from baseline
Spread path
Absolute spread vs offer price
Volume ratio path
Trading volume relative to baseline
Sources & news
External coverage and filings
No sources available yet for this deal.