Constellation Energy to buy Calpine in $26.6 billion deal

(Reuters) – Constellation Energy said on Friday it would buy privately held Calpine Corp, a geothermal and natgas energy company, in a cash-and-stock deal valued at $26.6 billion including debt.

The deal comes as electricity demand is expected to rise to record highs this year, according to data from the U.S. Energy Information Administration.

Constellation’s shares rose 3.3% following the deal announcement.

(Reporting by Seher Dareen in Bengaluru; Editing by Shilpi Majumdar and Shounak Dasgupta)

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