Power and Utilities
Constellation Closes $26.6 Billion Calpine Deal, Becoming America’s Largest Power Producer
Constellation Energy (Nasdaq: CEG) completed its acquisition of Calpine on Jan. 7, creating the nation’s largest electricity producer with approximately 60 gigawatts of combined generating capacity. The cash-and-stock transaction, first announced in January 2025, valued Calpine at roughly $16.4 billion in equity—comprising 50 million Constellation shares and $4.5 billion in cash—plus the assumption of $12.7 […]