Constellation Nears $30 Billion Deal for Natural Gas Company Calpine: Bloomberg
(Reuters) — Constellation Energy is nearing an acquisition of Calpine Corp. that would value the latter at about $30 billion including debt, Bloomberg News reported on Wednesday citing people familiar with the matter, sending Constellation's shares down 8.2%.
A deal could be announced in the coming weeks, the report said.
Deliberations were ongoing and might even be delayed or falter, and the final price of the deal could still change, the people cited in the report said.
Calpine, a natural gas and geothermal energy company, runs 78 facilities across 22 U.S. states and Canada, according to its website.
The company was taken private in 2017 by Energy Capital Partners, Canadian Pension Plan Investments and Access Industries for a total of $17 billion, including debt.
Reuters reported exclusively in May last year that the three investment firms had been considering various options, including a sale or a stake divestment, at a valuation of about $30 billion, including debt.
The news comes as data centers powering artificial intelligence as well as extreme weather events driven by climate change spur electricity demand in some of Calpine's key markets, including Texas, where it operates 12 power plants.
Constellation and Calpine did not immediately respond to Reuters requests for comment.
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