Constellation Energy to Acquire Calpine in $26.6B Agreement

Constellation Energy Corporation (CEG) and Calpine Corp. announced that they have entered into a definitive agreement under which CEG will acquire Calpine in a cash and stock transaction valued at an equity purchase price of nearly $16.4 billion. It is composed of 50 million shares of CEG stock and $4.5 billion in cash, plus the assumption of nearly $12.7 billion of Calpine’s net debt.The net purchase price is $26.6 billion, which represents an attractive acquisition multiple of 7.9x 2026 EV/EBITDA after de ...