Energy Capital Partners $5.6 billion acquisition of Calpine

Overview:

• Energy Capital Partners has acquired Calpine, a large energy generating company, for $15.25 per share or $5.6 billion in total.
• Energy Capital Partners was joined by a consortium of investors, including the Canada Pension Plan Investment Board and Access Industries.
• Part of this agreement includes a 45 day “go-shop” period, where Calpine can enter into negotiations with parties that offer potentially superior alternatives.
• Likewise, this deal also provides for the payment of a termination fee by Calpine of $142 million to current investors in the event a superior proposal should come about.

Dylan Seligman - Researcher