M&A Deal Summary |
|
|---|---|
| Date | 2025-01-10 |
| Target | Calpine |
| Sector | Utilities |
| Buyer(s) | Constellation Energy |
| Sellers(s) |
ECP
CPP Investments Access Industries |
| Deal Type | Add-on Acquisition |
| Deal Value | 26.6B USD |
| Advisor(s) | Evercore Group Morgan Stanley Goldman Sachs Barclays Investment Bank (Financial) Latham & Watkins (Legal) |
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| Category | Company |
|---|---|
| Sector | Utilities |
| Employees | 14,215 |
| Revenue | 23.6B USD (2024) |
Constellation Energy is a producer of clean, carbon-free energy and supplier of energy products and services to businesses, homes, community aggregations, and public sector customers across the continental US. Constellation Energy is headquartered in Baltimore, Maryland.
| DEAL STATS | # |
|---|---|
| Overall | 2 of 2 |
| Sector: Utilities M&A | 2 of 2 |
| Type: Add-on Acquisition M&A Deals | 1 of 1 |
| State: Texas M&A | 2 of 2 |
| Country: United States M&A | 2 of 2 |
| Year: 2025 M&A | 1 of 1 |
| Size (of disclosed) | 1 of 1 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2023-06-01 |
NRG Energy - Texas Nuclear Plant
Houston, Texas, United States NRG Energy's Texas Nuclear Plant is a 2,645-megawatt, dual-unit nuclear plant located about 90 miles southwest of Houston. |
Buy | - |
ECP is a specialist private equity firm focused on investments in energy infrastructure. Specific areas of interest include power generation, including renewable energy facilities; electric transmission; midstream gas, including gas storage and pipelines; and other energy service businesses and infrastructure assets. The Firm primarily targets opportunities located in North America. ECP was formed in 2005 and is based in Summit, New Jersey.
| DEAL STATS | # |
|---|---|
| Overall | 29 of 30 |
| Sector: Utilities M&A | 6 of 6 |
| Type: Add-on Acquisition M&A Deals | 14 of 14 |
| State: Texas M&A | 11 of 11 |
| Country: United States M&A | 27 of 28 |
| Year: 2025 M&A | 1 of 2 |
| Size (of disclosed) | 1 of 8 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2024-09-05 |
ProEnergy Services
Sedalia, Montana, United States ProEnergy Services is an integrated service provider that delivers cost-effective, safe, and reliable services to the global energy industry. ProEnergy Services was founded in 2002 and is based in Sedalia, Missouri. |
Buy | - |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-08-14 |
Grain LNG
Kent, United Kingdom Grain LNG is a liquefied natural gas import, storage, and regasification terminal that receives LNG from ships (including QMax-class vessels), stores it in cryogenic tanks, then regasifies and processes it (including blending) to meet UK gas-network specifications. Grain LNG is based in Kent, United Kingdom. |
Buy | £1.5B |
CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.
| DEAL STATS | # |
|---|---|
| Overall | 17 of 18 |
| Sector: Utilities M&A | 1 of 1 |
| Type: Add-on Acquisition M&A Deals | 8 of 9 |
| State: Texas M&A | 5 of 6 |
| Country: United States M&A | 10 of 11 |
| Year: 2025 M&A | 1 of 2 |
| Size (of disclosed) | 2 of 10 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2024-10-21 |
Nord Anglia Education
London, United Kingdom Nord Anglia Education is an international operator of premium schools, serving students from kindergarten through the end of secondary school (K-12). Together, they educate more than 37,000 students from kindergarten through to the end of secondary education. Nord Anglia Education was formed in 1972 and is based in London, United Kingdom. |
Sell | $14.5B |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-03-13 |
407 ETR
Woodbridge, Ontario, Canada 407 ETR is an all-electronic, barrier-free, toll highway spanning 108km in the Greater Toronto Area. 407 ETR is based in Woodbridge, Ontario. |
Buy | - |
| Category | Company |
|---|---|
| Founded | 1986 |
| Sector | Diversified |
Access Industries, Inc. is a US based holding company focused on long-term investments worldwide. This includes companies located in the US, Europe, and South America. The Firm targets companies operating in the fields of natural resources, chemicals, telecommunications, media, real estate, emerging technology, and retail. Access Industries, Inc. was formed in 1986 and is based in New York City.
| DEAL STATS | # |
|---|---|
| Overall | 13 of 13 |
| Sector: Utilities M&A | 1 of 1 |
| Type: Add-on Acquisition M&A Deals | 4 of 4 |
| State: Texas M&A | 1 of 1 |
| Country: United States M&A | 4 of 4 |
| Year: 2025 M&A | 1 of 1 |
| Size (of disclosed) | 1 of 3 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2021-12-01 |
Bad Wolf
Cardiff, United Kingdom Bad Wolf is an international film and television production company that produces high-end television and film for the global market. Bad wolf productions include the night of (HBO), his dark materials (HBO/BBC) and industry (HBO), a discovery of witches, and I hate Suzie. Bad Wolf was founded in 2015 and is based in Cardiff, United Kingdom. |
Sell | - |
