M&A Deal Summary

Constellation Energy Acquires Calpine

On January 10, 2025, Constellation Energy acquired utilities company Calpine from ECP, CPP Investments and Access Industries for 26.6B USD

Acquisition Highlights
  • This is Constellation Energy’s 2nd transaction in the Utilities sector.
  • This is Constellation Energy’s largest (disclosed) transaction.
  • This is Constellation Energy’s 2nd transaction in the United States.
  • This is Constellation Energy’s 2nd transaction in Texas.

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)

Target

Calpine

Houston, Texas, United States
Calpine is a generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Calpine was founded in 1984 and is based in Houston, Texas.

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Buyer(S) 1

Buyer

Constellation Energy

Baltimore, United States

Category Company
Sector Utilities
Employees13,871
Revenue 24.9B USD (2023)
DESCRIPTION

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 United States, including three-fourths of Fortune 100 companies. Constellation Energy is headquartered in Baltimore, Maryland.


DEAL STATS #
Overall 2 of 2
Sector (Utilities) 2 of 2
Type (Add-on Acquisition) 1 of 1
State (Texas) 2 of 2
Country (United States) 2 of 2
Year (2025) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
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 -

Seller(S) 3

SELLER

ECP

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 31.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

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 29
Sector (Utilities) 6 of 6
Type (Add-on Acquisition) 14 of 14
State (Texas) 11 of 11
Country (United States) 27 of 27
Year (2025) 1 of 1
Size (of disclosed) 1 of 8
PREVIOUS DEAL
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 -
SELLER
DESCRIPTION

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 16 of 16
Sector (Utilities) 1 of 1
Type (Add-on Acquisition) 8 of 8
State (Texas) 5 of 5
Country (United States) 9 of 9
Year (2025) 1 of 1
Size (of disclosed) 2 of 9
PREVIOUS DEAL
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. Providing education to both expatriates and local students in the markets where it operates, Nord Anglia attracts top teaching talent globally and has established collaborations with leading post-secondary institutions, including The Juilliard School, the Massachusetts Institute of Technology and King's College London. Nord Anglia Education was formed in 1972 and is based in London.

Sell $14.5B
SELLER

Access Industries

New York, New York, United States

Category Company
Founded 1986
Sector Diversified
DESCRIPTION

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) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (Texas) 1 of 1
Country (United States) 4 of 4
Year (2025) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
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 -