Constellation has announced its intention to acquire Calpine in a significant cash and stock transaction valued at $26.6 billion. This deal includes an equity purchase price of $16.4 billion, $4.5 billion in cash, and the assumption of $12.7 billion in net debt. The acquisition is poised to create the largest clean energy provider in the United States, allowing Constellation to serve approximately 2.5 million customers with a broader array of energy solutions [83d9cfab].
The merger will enhance Constellation's capacity, bringing nearly 60 gigawatts of energy from zero- and low-emission sources into its portfolio. This strategic move aligns with the growing demand for sustainable energy solutions and positions Constellation as a leader in the clean energy sector [83d9cfab].
Calpine's current CEO, Andrew Novotny, is set to lead the Calpine business following the acquisition, ensuring continuity in leadership and operations. The deal is expected to close within the next 12 months, pending regulatory approvals and other customary closing conditions [83d9cfab].
Lazard and J.P. Morgan are serving as financial advisors to Constellation, while Evercore is the lead financial advisor for Calpine, highlighting the significant financial backing and strategic planning involved in this acquisition [83d9cfab].
This acquisition comes at a time when the energy sector is increasingly focused on sustainability and reducing carbon emissions, reflecting a broader trend in the industry towards cleaner energy sources. The combined capabilities of Constellation and Calpine are expected to play a crucial role in advancing these goals [83d9cfab].