Constellation Energy (CEG, Financial) saw its stock surge nearly 13% to $275.50 in pre-market trading. The rise follows the announcement that Constellation Energy has agreed to acquire Calpine Corp for $16.4 billion. This acquisition will significantly enhance Constellation's portfolio by adding numerous power generation assets across the United States.
The deal will be executed through a combination of cash and stock. Additionally, Constellation will assume approximately $12.7 billion in net debt from Calpine. This strategic move is expected to bolster Constellation's position in the energy sector by expanding its operational capabilities and asset base.
