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AP Photo/Paul Sakuma

Energy Capital Partners has agreed to acquire Houston-based power generation giant Calpine for $5.6 billion, or $17 billion including debt. The deal comes with a 45-day "go-shop" provision and works out to $15.25 per share, which represents a 51% premium to price before first media reports of a possible transaction. Also participating on the buy-side are Access Industries and Canada Pension Plan Investment Board.

Why it matters: Calpine claims to be the country's largest producers of electricity from natural gas and geothermal energy, and one of its largest electricity retailers. But it's also gotten hammered by low natural gas prices and competition from renewables, which helped cause a $29 million net loss in Q2 2016 to balloon to a $219 million net loss in Q2 2017.

Data point: Global energy and power M&A is up 28% over year-to-date figures for 2016, per Thomson Reuters.

Bottom line: Deals are not yet done in this sector, nor even deals involving Energy Capital Partners. The New Jersey-based private equity firm is the largest outside holder in Calpine rival Dynegy, which reportedly received a takeover offer from Vistra.

Go deeper

Texas AG sues Biden administration over deportation freeze

Texas Attorney General Ken Paxton speaks to members of the media in 2016. Photo: Alex Wong/Getty Images

Texas Attorney General Ken Paxton is suing the Biden administration in federal district court over its 100-day freeze on deporting unauthorized immigrants, and he's asking for a temporary restraining order.

Between the lines: The freeze went into effect Friday, temporarily halting most immigration enforcement in the U.S. In the lawsuit, Paxton claims the move "violates the U.S. Constitution, federal immigration and administrative law, and a contractual agreement between Texas" and the Department of Homeland Security.

Dan Primack, author of Pro Rata
1 hour ago - Podcasts

Carbon Health's CEO on unsticking the vaccine bottleneck

President Biden has said that getting Americans vaccinated for COVID-19 is his administration’s top priority given an initial rollout plagued by organizational, logistical and technical glitches.

Axios Re:Cap digs into the bottlenecks and how to unclog them with Carbon Health chief executive Eren Bali, whose company recently began helping to manage vaccinations in Los Angeles.

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