AES acquisition blocked, constrained, or abandoned

Assume US regulators block, reject, or impose constraints that prevent the BlackRock-led consortium from completing the proposed $33.4 billion AES acquisition on materially the contemplated terms by 2026-12-31, or the parties abandon the deal after the regulatory review. The assumed operational change is that AES does not transfer to the BlackRock-led buyer group because regulatory action or deal termination prevents closing.