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Energy Capital, Investors to Buy Calpine for $5.6 Billion

  • Agreement includes “go-shop” to solicit rival suitors
  • Energy Capital promises no changes to operations, debt plan
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Calpine Confirms Deal to Be Acquired

Updated on

Private equity firm Energy Capital Partners and a consortium of investors struck a deal to buy U.S. power generator Calpine Corp. for $5.6 billion in cash.

Calpine investors will get $15.25 a share, the Houston-based company said in a statement on Friday, 13 percent more than Thursday’s closing price. Including debt, the deal is valued at more than $17 billion. The investor group includes Access Industries and Canada Pension Plan Investment Board. Shares of Calpine jumped to the highest in more than a year.