Simpson Thacher is representing affiliates of EQT Infrastructure VI in connection with the announced definitive agreement for a consortium led by Global Infrastructure Partners and EQT, along with co-underwriters California Public Employees’ Retirement System and Qatar Investment Authority, to acquire The AES Corporation 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, 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 is a leading utility and power generation company based in Arlington, Virginia. The transaction will better position AES to drive long-term growth across its business units, including regulated electric utilities and competitive clean energy in the U.S. and critical energy infrastructure assets in Latin America.
The transaction is one of the largest private equity-led take privates in the global power and energy markets and one of North America's largest private equity transactions in history. For more information about the deal, please see the companies’ press release here.
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, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.
Global Infrastructure Partners, a part of BlackRock, is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors.
The Simpson Thacher team includes 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).