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Skadden Arps Slate Meagher & Flom LLP advises Blackrock-Led Consortium on $33.4 billion acquisition from AES Corp

Deal Overview

Value: $33.4bn
Deal type: M&A
Structure: Data in progress
Status: Data in progress

Advisors

B

Blackrock-Led Consortium

ACQUIRER

Acquirer counsel

Davis Polk

Melissa D. Kalka, P.C.Partner

Zach SavrickPartner

Andrew Calder, P.C.Partner

Nicholas T. LewisPartner

Jimmy ChalkPartner

Adam D. Larson, P.C.Partner

Robert LangdonPartner

Frederick W.P. de AlbuquerquePartner

Javad AsghariPartner

Julie T. SiegelPartner

Morgan BalePartner

Davis Polk Overview

Kirkland & Ellis LLP represented the acquiring consortium led by Global Infrastructure Partners, a part of BlackRock, and the EQT Infrastructure VI fund, together with co-underwriters California Public Employees’ Retirement System and Qatar Investment Authority, in its definitive agreement to acquire AES for $15.00 per share in cash. The transaction values AES at 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 was unanimously approved by AES’ board of directors and is expected to close in late 2026 or early 2027, subject to AES stockholder approval, the receipt of applicable federal, state and foreign regulatory approvals, and other customary closing conditions.
Through the acquisition, AES is expected to expand its leadership as a clean energy platform across the Americas. AES is the largest supplier of clean energy to corporations globally and has signed agreements for 11.8 GW of power supply to major technology firms.

A

AES Corp.

SELLER

Seller counsel

Seller counsel not yet recorded

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