Constellation to acquire Calpine in $16.4-billion deal

BALTIMORE, January 13, 2025 – US nuclear energy company Constellation has entered into a definitive agreement with Calpine Corp. under which Constellation will acquire Calpine in a cash and stock deal valued at approximately USD 16.4 billion, the companies announced on Friday.

The total consideration for the transaction comprises 50 million shares of Constellation stock, USD 4.5 billion in cash and the assumption by Constellation of approximately USD 12.7 billion of Calpine net debt.

Constellation is the largest operator of nuclear plants in the US, and Calpine is the country’s largest producer of power from natural gas and the largest geothermal energy operator. Together, the companies will have nearly 60 GW of generation capacity from zero- and low-emission sources, including nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration and battery storage.

“This acquisition will help us better serve our customers across America, from families to businesses and utilities. By combining Constellation’s unmatched expertise in zero-emission nuclear energy with Calpine’s industry-leading, best-in-class, low-carbon natural gas and geothermal generation fleets, we will be able to offer the broadest array of energy products and services available in the industry,” said Joe Dominguez, president and CEO of Constellation.

The transaction is expected to close within 12 months of signing and is subject to customary closing conditions. Following closing, Constellation will continue to be headquartered in Baltimore.

Read our latest insights on: