Constellation Secures Regulatory Nod for Calpine Merger

Deal News | Jun 16, 2025 | EIN

Constellation Secures Regulatory Nod for Calpine Merger

Constellation's acquisition of Calpine has recently received regulatory clearance from both New York and Texas, marking significant progress in the merger process. Initially announced in January, the cash and stock transaction values Calpine at $16.4 billion, positioning it as one of the largest power generation mergers in recent history. Constellation, already a prominent player with the largest nuclear fleet in the U.S., aims to enhance its energy production capabilities to meet growing electricity demands. Calpine's 78 energy facilities and substantial geothermal capacity will be integral to Constellation's expanding portfolio. The deal's closing, expected in the fourth quarter of 2025, is pending further approvals from the Federal Energy Regulatory Commission, the Department of Justice, and other customary conditions.

Sectors

  • Energy Generation
  • Mergers and Acquisitions

Geography

  • United States – The transaction involves two U.S.-based companies and has received regulatory approval from U.S. state agencies.
  • New York – The New York State Public Service Commission was one of the key regulatory bodies involved in the approval process.
  • Texas – Texas regulatory review was part of the approval process for the merger.

Industry

  • Energy Generation – The article discusses a significant merger in the power generation industry, focusing on Constellation and Calpine's energy production capabilities.
  • Mergers and Acquisitions – This sector is relevant as the article covers the details of a major acquisition deal between Constellation and Calpine.

Financials

  • $16.4 billion – The equity purchase price of the Calpine acquisition by Constellation.

Participants

NameRoleTypeDescription
ConstellationBuyerCompanyConstellation is a major player in the U.S. energy market with the largest fleet of nuclear plants.
CalpineTarget CompanyCompanyCalpine operates a diverse array of energy facilities, including natural gas, geothermal, solar, and battery storage.
New York State Public Service CommissionRegulatorGovernmentThis body approved the merger as part of the regulatory process.
Texas State Regulatory AuthoritiesRegulatorGovernmentThese authorities cleared the merger prior to the announcement.
Federal Energy Regulatory CommissionRegulatorGovernmentPending approval is required from this federal body.
Department of JusticeRegulatorGovernmentAntitrust evaluation by the DOJ is required to finalize the merger.