On March 20, 2026, Constellation Energy Corporation (Nasdaq: CEG) announced the successful completion of its acquisition of Calpine Corporation, a significant player in the U.S. energy sector, for a total consideration of approximately $22 billion. This strategic move, formalized through the Agreement and Plan of Merger dated January 10, 2025, marks a pivotal moment in the energy landscape, as it consolidates two major entities in the power generation market. The merger was executed following the conversion of Calpine into a limited liability company, allowing it to become a wholly-owned subsidiary of Constellation. The acquisition was financed through a combination of newly issued Constellation common stock and cash, with the deal comprising 50 million shares of Constellation stock and $4.5 billion in cash. This merger is expected to enhance Constellation's operational capabilities and market reach, particularly in the competitive wholesale and retail power markets across California, Texas, and the Northeast. The completion of this merger also involved divesting certain generating assets to comply with regulatory requirements, ensuring that the combined entity adheres to market competition standards. The financial statements of Calpine, including audited consolidated financials for the years ended December 31, 2025, 2024, and 2023, have been filed as part of the merger documentation, providing transparency and insight into the financial health of the acquired entity. This acquisition is anticipated to yield significant synergies and operational efficiencies, positioning Constellation Energy as a more formidable competitor in the energy sector.

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