Global law firm White & Case LLP has advised Calpine Corporation on its agreement to be acquired by Constellation Energy Corporation (NYSE: CEG) in a cash and stock transaction valued at an equity purchase price of approximately US$16.4 billion.
The cash and stock transaction, which comprised 50 million shares of Constellation stock and US$4.5 billion in cash plus the assumption of approximately US$12.7 billion of Calpine net debt, creates the US's largest clean energy provider and opens opportunities to serve more customers coast-to-coast with a broader array of energy and sustainability products.
The combination also forms the nation's leading competitive retail electric supplier, providing 2.5 million customers with a broader array of customized energy and sustainability solutions and new product offerings to help them manage energy costs and achieve their sustainability goals.
Calpine, a client of White & Case for many years, is the largest US producer of energy from low-emission natural gas generation and has an expanded renewable energy portfolio, including the largest geothermal generation operation in the US.
The White & Case team was led by M&A partners Michael Shenberg (New York), Mingda Zhao and Emilio Grandio (both Houston), Morton Pierce and Ipek Candan Snyder (both New York). The team also included Employment, Compensation & Benefits partner Henrik Patel (New York); Antitrust partner Rebecca Farrington (Washington, DC); Capital Markets partners Joel Rubinstein, Jason Rocha, Gary Kashar (all in New York) and Laura Katherine Mann (Houston); Tax partner David Dreier (New York); as well as Debt Finance partners Yehuda Rubel and David Bilkis (both New York).
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