Consortium Led by Global Infrastructure Partners and EQT to Acquire The AES Corporation for $33.4 Billion Enterprise Value

Simpson Thacher represented affiliates of EQT Infrastructure VI in connection with the announced definitive agreement under which a consortium led by Global Infrastructure Partners and EQT, with co-underwriters the California Public Employees’ Retirement System and the Qatar Investment Authority, agreed to acquire The AES Corporation. The consortium has agreed to acquire AES for $15.00 per share, representing a total equity value of $10.7 billion and an enterprise value of approximately $33.4 billion, including the assumption of existing debt. The transaction is expected to close in late 2026 or early 2027 and remains subject to approval by AES stockholders, the receipt of applicable federal, state and foreign regulatory approvals and the satisfaction of other customary closing conditions. AES, a leading utility and power generation company based in Arlington, Virginia, will be positioned to pursue long-term growth across its business units, including regulated electric utilities, competitive clean energy in the United States and critical energy infrastructure assets in Latin America. The transaction ranks among the largest private equity-led take-privates in the global power and energy markets and is one of North America’s largest private equity transactions in history. EQT is a purpose-driven global investment organization with EUR 270 billion in total assets under management (EUR 141 billion in fee-generating assets under management) as of 31 December 2025, operating across Private Capital and Real Assets to support portfolio companies in achieving sustainable growth and operational excellence. Global Infrastructure Partners, a part of BlackRock, is a leading infrastructure investor specializing in the ownership and operation of major assets across energy, transport, digital infrastructure and water and waste management sectors. Simpson Thacher represented affiliates of EQT Infrastructure VI with a team composed by: Robert Langdon, Frederick de Albuquerque, Javad Asghari, Julie Siegel, Jack Traylor, Omar Kanjwal, Jack Culbertson and Eric Doan (M&A); Eli Isak, Dorothy Hector, Sophie Skinner and Nicholas Scian (Credit); Brian Chisling (Energy Regulatory); Sara Razi, Karen Kazmerzak, Antonio Bavasso, Nicholas Ingros and Max Fischer-Zernin (Antitrust); Mick Tuesley, Mark Skerry, Michael Kalinin and Liam Murray (Regulatory); David Rubinsky, Caitlin Lucey, Warsame Elmi and Nicklaus Chalk (Executive Compensation and Employee Benefits); Robert Lee and Vandana Harris (Funds); Jonathan Goldstein and Brian Mendick (Tax); Hui Lin and Michael Tremeski (Capital Markets); Toby Chun and Logan Lineberry (Environmental); James Talbot and Margerite Blasé (Intellectual Property); Krista McManus and Helene Marie Snyder (Real Property); Mark Brod, Nicholas Ridley and Albert Murzakhanov (Retail Funds); and Karen Kelley and Eliza Murray (Public Company Advisory).

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Consortium Led by Global Infrastructure Partners and EQT to Acquire The AES Corporation for $33.4 Billion Enterprise Value

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Consortium Led by Global Infrastructure Partners and EQT to Acquire The AES Corporation for $33.4 Billion Enterprise Value

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