Constellation Energy Agrees to Buy Calpine for $16.4 Billion
Constellation Energy agreed to buy Calpine for $16.4 billion, combining two of the country’s largest electricity generators at a time when their product is in high demand from tech companies. Including the assumption of debt, Constellation on Friday valued the cash-and-stock deal for the privately held Calpine at $26.6 billion. The value of power generators has soared in the past year due in large part to artificial intelligence.