The Investor
08 Jan 2026, 06:17
Constellation Energy said it completed its acquisition of Calpine on January 7, 2026, making Calpine a wholly owned subsidiary.
The deal consideration included 50,000,000 newly issued Constellation shares plus $4.50 billion in cash (net of certain expenses). Constellation said former Calpine stockholders now hold about 13.8% of its outstanding common stock (based on shares outstanding as of January 6, 2026).
At closing, Constellation entered a registration rights agreement with certain former Calpine stockholders and disclosed a lock-up schedule that releases half the shares on June 30, 2026 and the remainder on June 30, 2027 (subject to exceptions). Calpine’s existing unsecured and secured notes remain outstanding under their prior indentures.
Constellation also disclosed CFO leadership changes effective at closing, naming Shane Smith as Executive Vice President and Chief Financial Officer, with Daniel Eggers moving to Senior Executive Vice President, Finance and Data Economy.
The deal consideration included 50,000,000 newly issued Constellation shares plus $4.50 billion in cash (net of certain expenses). Constellation said former Calpine stockholders now hold about 13.8% of its outstanding common stock (based on shares outstanding as of January 6, 2026).
At closing, Constellation entered a registration rights agreement with certain former Calpine stockholders and disclosed a lock-up schedule that releases half the shares on June 30, 2026 and the remainder on June 30, 2027 (subject to exceptions). Calpine’s existing unsecured and secured notes remain outstanding under their prior indentures.
Constellation also disclosed CFO leadership changes effective at closing, naming Shane Smith as Executive Vice President and Chief Financial Officer, with Daniel Eggers moving to Senior Executive Vice President, Finance and Data Economy.
