Consortium Led by Global Infrastructure Partners and EQT to Acquire AES

Fried Frank advised J.P. Morgan Securities LLC and Wells Fargo Securities LLC as financial advisors to The AES Corporation (AES) on its agreement to be acquired by a consortium led by Global Infrastructure Partners (GIP), a part of BlackRock, and the EQT Infrastructure VI fund (EQT), along with co-underwriters California Public Employees' Retirement System (CalPERS) and Qatar Investment Authority (QIA) (collectively the Consortium), for a total equity value of $10.7 billion and an enterprise value of approximately $33.4 billion, including the assumption of existing debt.

This transaction will better position AES to drive long-term growth across its business units, including regulated electric utilities and competitive clean energy in the US and critical energy infrastructure assets in Latin America. For more on the transaction, read the companies' press release.

This transaction is a continuation of Fried Frank's work advising leading investment banks as financial advisors on high-value deals.

The Fried Frank team was led by M&A and private equity partners Philip Richter and Roy Tannenbaum and included M&A and private equity associates Ryan T. Fung and Gwynedd Cowan.

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