Merger

Power and Utilities

American Water, Essential Utilities to Merge in $63B All-Stock Utility Deal

American Water and Essential Utilities agreed to combine in an all-stock merger valued at about $63 billion enterprise value, creating the largest regulated water and wastewater utility in the United States. Essential shareholders will receive 0.305 American Water shares for each Essential share, and will own about 31% of the combined company, while American Water […]

Power and Utilities

Black Hills, NorthWestern Energy to Combine in $15.4B All-Stock Merger

Black Hills and NorthWestern Energy agreed to combine in an all-stock, tax-free merger that will create a regional regulated electric and natural gas utility with a pro forma market capitalization of about $7.8 billion and enterprise value of roughly $15.4 billion. Under the terms of the deal, NorthWestern shareholders will receive 0.98 Black Hills shares […]

Power and Utilities

Constellation-Calpine Merger

Constellation (Nasdaq: CEG) acquired Calpine Corp. from Energy Capital Partners (ECP), creating the nation's largest producer of electricity. In January 2025, Constellation announced an to acquire Calpine in a cash and stock transaction valued at an equity purchase price of approximately $16.4 billion, composed of 50 million shares of Constellation stock and $4.5 billion in […]