Cooling towers at a Calpine thermal energy power plant in California. Photo: Ken James/Bloomberg via Getty Images
Constellation Energy is closing in on an acquisition of private-equity-owned Calpine, Bloomberg reported, citing people familiar with the matter.
Zoom in: The deal could reportedly value Calpine at about $30 billion including debt, making it one of the biggest ever in the sector — and it could be announced in the coming weeks.
The big picture: As you might have heard, AI has sent the world scrambling for more power generation. And that's boosted values for companies that generate it, Axios' Pete Gannon writes.
Constellation's shares, despite falling 4.6% today on the news, have gained over 108% over the past 12 months.
