Constellation will acquire Calpine in a cash and stock transaction valued at an equity purchase price of $16.4bn. This is composed of 50 million shares of Constellation stock and $4.5bn in cash ...

It gives Calpine, which is privately held, an enterprise value 7.9 times the amount of earnings before interest, taxes, depreciation, and amortization it is expected to generate in 2026.

It will also assume roughly $12.7 billion of Calpine's net debt. "This acquisition will help us better serve our customers across America, from families to businesses and utilities," said ...