Constellation Energy announced a definitive agreement to acquire privately held Calpine Corporation in a cash and stock transaction valued at $26.6 billion, including debt. The equity purchase price is approximately $16.4 billion, consisting of 50 million shares of Constellation stock and $4.5 billion in cash, plus the assumption of $12.7 billion of Calpine net debt.
This acquisition is expected to be immediately accretive to Constellation's adjusted operating earnings per share (EPS), adding more than 20% in 2026 and at least $2 per share in future years. The transaction is also projected to generate over $2 billion in annual free cash flow, providing strategic capital for reinvestment.
The merger will combine Constellation's extensive nuclear fleet with Calpine's portfolio of natural gas, geothermal, battery storage, and solar assets, creating the nation's largest clean energy provider with nearly 60 GW of capacity. The deal is anticipated to close within 12 months, subject to customary closing conditions and regulatory approvals from various commissions, including the Federal Energy Regulatory Commission.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.