Constellation stock soared on AI hopes. Now it’s using those gains to buy Calpine in $16 billion deal.
Constellation Energy — the electricity provider whose stock has doubled over the last year on hopes it’ll help meet the voracious energy demand from artificial intelligence — reached a $16 billion deal to buy Calpine.
Constellation buying Calpine in $26.6 billion deal that would join two huge US power companies
Constellation is buying power natural gas and geothermal power provider Calpine in a cash-and-stock deal valued at approximately $16.4 billion, joining together two of the country’s biggest power companies.
Constellation Energy’s deal to buy Calpine is being driven by fast-rising demand for electricity by the technology industry.
Baltimore-based Constellation, the nation’s largest operator of nuclear power plants, is acquiring Calpine Corp.
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