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Liam Denning

Calpine Winds Down the Party

Everyone's already paired up, and there aren't many partners left.
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Photographer: Archive Photos/Getty Images

News of a big deal is usually celebrated as heralding more excitement to come. But the $17.1 billion buyout of Calpine Corp. by private equity firm Energy Capital Partners LLC, announced Friday, feels more like the closing of an era.

The price of $15.25 a share, which works out to $5.5 billion in cash, is a 51 percent premium to the undisturbed price. So, yay for that.