M&A - Constellation Energy Corp

Form Type: DEF 14A

Filing Date: 2025-03-19

Corporate Action: Acquisition

Type: New

Accession Number: 000155278125000090

Filing Summary: Constellation Energy Corporation announced the acquisition of Calpine Corporation on January 10, 2025, in a definitive agreement structured as a cash and stock transaction valued at approximately $16.4 billion. The acquisition aims to enhance Constellation's clean energy portfolio, combining Calpine's low-emission natural gas generation and renewable energy capabilities, including the largest geothermal operation in the U.S. This strategic move positions Constellation as the leading clean energy provider in the nation, enabling expansion into key markets like Texas and enhancing customer service through a diverse range of energy solutions. The integration is expected to yield significant financial benefits, including over $2 billion in annual free cash flow and substantial earnings per share accretion.

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