AES Corporation

Global deal values year to date have already surpassed H1 2025 at 1.53 trillion, and, and this is only gonna, uh, this is only through, you know, the first four months of, of 2026.

Um, this is in part due to several large deals that have bolstered the aggregate transaction values: XAI, Universal Media, AES Corp, Coterra Energy, just to, to name a few.

Um, you know, some co- additional context around this.

There's t- year to date, been 25 announced deals greater than 10 billion compared to only 14 through April 2025.

But that premium keeps on increasing.

When AES in the US is being taken private, it's something like a 40% premium.

When Energex, a Canadian renewable developer, taken private last year, was taken private for an 80% premium.

Those types of premiums are interesting because I think private equity investors tend to have a better sense of the beauty of long duration business models.

They're backing a new coalition with startup Emerald AI called the AI Energy Management Alliance aimed at getting data centers to flex their power demand.

It launched Wednesday with 20 companies and organizations involved, including Anthropic, Utilities National Grid, and AES, and Power Producers Constellation Energy and RWE.

Data centers have always been treated as giant 24-7 power users.

The coalition wants to change that so that data centers can reliably cut their grid demand when supplies get tight and connect faster and skip some of the costly grid upgrades.

Unilever Foods combination with McCormick in a $44.8 billion reverse Morris Trust, all about tax incentives, worth taking a look at that.

GIP and EQT's $33.4 billion acquisition of AES Corporation, all about AI infrastructure.

Remember NextEra and its $67 billion deal for Dominion Energy and Shell's $22 billion purchase of ARC Resources.

So that's just a few to research.

I could be arguably the first storage developer of the new generation of LFP and lithium ion stuff.

AES, of course, was kind of the developer of the first projects.

I was the developer of those projects.

In a way, those were kind of the big bang of the energy storage space, right? What I've learned is that it's been very hard.

long

answers, by the way.

To the guys at AES and Floyd's.

I mean, that was the way they always saw it.