Constellation Energy buying Calpine

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Constellation Energy is acquiring Calpine for $29.1 billion, which includes $12.7 billion in net debt, marking a significant shift in the power sector. This acquisition positions Constellation as the owner of both the largest nuclear and natural gas-fired power fleets in the U.S. The deal is viewed as favorable for both companies, especially given Calpine's valuation at approximately 7.9 times its projected 2026 EBITDA, which is lower than Constellation's and Vistra's multiples. This transaction underscores the changing landscape and renewed interest in power stocks, which were previously overlooked. The acquisition is expected to strengthen Constellation's market position and operational capabilities.
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Constellation Energy, the owner of America’s biggest nuclear power fleet, is buying the owner of the largest natural gas-fired power fleet. The deal is a win-win for both parties and highlights just how much fortunes have shifted for once-ignored power stocks.

Constellation on Friday announced that it will buy privately held Calpine for $29.1 billion, including $12.7 billion of net debt. That enterprise value doesn’t look all that expensive considering it represents about 7.9 times Calpine’s 2026 earnings before interest, taxes, depreciation and amortization. That compares with 20 times for Constellation and 13 times for Vistra.

https://www.msn.com/en-us/money/oth...S&cvid=773b1fa4940c44f68905bee6c78ee8a7&ei=66
 
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