Constellation Energy (Nasdaq: CEG) has announced a definitive agreement to acquire Calpine Corp. in a cash and stock transaction valued at approximately $16.4 billion. The acquisition, expected to close in the second half of 2025, will create the nation's largest clean energy provider, opening opportunities to serve more customers coast-to-coast with a broader array of energy and sustainability products.

The agreement combines 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. This strategic move will enable Constellation to offer the broadest array of energy products and services available in the industry, better serving its customers from families to businesses and utilities.



Calpine's low-emission natural gas plants will play a key role in maintaining grid reliability for decades to come as customers transition to cleaner energy sources. Both companies have been early investors in carbon sequestration technology, ensuring America's abundant natural gas can continue to reliably power customers. Constellation will also invest in adding more zero-emission energy to the grid by extending the life of existing clean energy sources, exploring new advanced nuclear projects, investing in renewables, and increasing the output of existing nuclear plants, in addition to restarting the Crane Clean Energy Center in Pennsylvania.

The transaction is expected to deliver immediate adjusted (non-GAAP) operating earnings per share (EPS) accretion of more than 20% in 2026 and at least $2 per share of EPS accretion in future years. Additionally, the transaction is projected to add more than $2 billion (non-GAAP) of free cash flow annually, creating strategic capital for Constellation to reinvest in growth opportunities.



The acquisition of Calpine by Constellation Energy is a strategic move that aligns with the company's goal of better serving its customers across America by offering the broadest array of energy products and services. The combined company will have a more diversified energy portfolio, with a broader range of energy sources and a larger customer base. This will enable the company to better serve customers coast-to-coast, opening opportunities to serve new markets and customer segments.

In conclusion, Constellation Energy's acquisition of Calpine is a significant step towards a cleaner, more reliable, and sustainable energy future. The combined company will be well-positioned to meet the rising demand for clean energy and help America's families, businesses, and communities thrive and grow.