Whitney Strickland’s Post

Gibson Dunn advised Lazard as financial advisor to Constellation Energy in its $26.6 billion acquisition of Calpine. The agreement creates the largest clean energy provider in the U.S.   Our corporate team was led by Houston partner Hillary Holmes and included associates Stella Tang and Mariana Lozano.   Read more: https://lnkd.in/e5nw-ySf

The Constellation - Calpine deal shows what successful energy transition M&A can look like at its best. Constellation's stock is up ~11% since announcing their Calpine acquisition - remarkable for a company that was viewed as ComEd's struggling power generation unit just two years ago. The market's enthusiastic response isn't surprising when you look at how well this deal checks several core M&A boxes: ✅ Market: The transaction aligns perfectly with strengthening power demand forecasts and natural gas's continuing role in the energy mix. ✅ Deal Structure: Constellation assumed existing Calpine debt without taking on additional leverage. It also issued no new equity for zero shareholder dilution. ✅ Valuation: Looking at 2026 earnings projections and comparing to peers like Vistra, the price worked for investors in the public market. This reception could catalyze more energy transition M&A across infrastructure, services, and software in 2025. #energytransition #ai #energy #mergersandacquisitions

Constellation To Acquire Calpine, Powering A Clean & Reliable Energy Future For America Constellation and Calpine Corp. announced today a definitive agreement in which Constellation will acquire Calpine in a cash and stock deal worth approximately $16.4 billion. The transaction includes 50 million shares of Constellation stock, $4.5 billion in cash, and the assumption of about $12.7 billion in Calpine’s net debt. After factoring in expected cash generated by Calpine before closing and the value of its tax attributes, the net purchase price totals $26.6 billion, representing a favorable acquisition multiple of 7.9x 2026 EV/EBITDA. This acquisition will create the largest clean energy provider in the U.S., enabling Constellation to deliver a wider […] Read the full story here: https://lnkd.in/dUHnaXrJ #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #acquisition #america #calpine #constellation #energygoals #energysector #globalnews #netzero #renewableenergy #solarpower #sustainability #unitedstates

Big Law firms are working both sides of Constellation Energy Corp.'s pending $16.4 billion acquisition of Calpine Corp. The deal is one of the largest ever in the electricity generation sector, according to Constellation. Kirkland & Ellis represents Constellation, while Calpine is using Latham & Watkins and White & Case LLP. Read the story from senior reporter Brenda Jeffreys here: https://lnkd.in/g23p8zEW

💡Constellation Energy to Acquire Calpine in a $26.6B Mega Deal! ⚡🔋 One of the biggest takeovers in U.S. power industry history is underway! Constellation Energy is set to acquire Calpine Corporation in a $26.6 billion stock-and-cash deal, creating the largest low-emission energy supplier in the U.S. 🌍🔋 💼 Legal Teams Involved: Kirkland & Ellis is advising Constellation Energy. Latham & Watkins and White & Case are representing Calpine. 📈 What’s Driving the Deal? AI data centres and the electrification of transport fuel the rising electricity demand. A major expansion for Constellation, increasing its workforce by 20% to 16,500 and boosting market share in Texas and California, the top two energy-consuming states. 💰 Financial Advisors: Lazard & JP Morgan Securities are advising Constellation. Evercore (lead), Morgan Stanley, Goldman Sachs & Barclays US are advising Calpine and its investor, ECP. This deal strengthens Constellation’s position as a leader in clean energy while marking another major milestone for the firms involved. What are your thoughts on this historic energy shift?👇 👉 Subscribe to Clear Law here: https://lnkd.in/eifAcbmV  🔗✨ #MergersAndAcquisitions #Energy #AI #SustainableFuture #Law #Finance

With the acquisition of Marcum LLP, our CBIZ team is proud to strengthen its presence in the Mile-High City! Denver is known for its booming industries in renewable energy, aerospace, telecommunications, and professional services. Our expanded local team brings specialized expertise to support businesses navigating Colorado’s dynamic economy. From tax strategy to risk management, we’re here to help Denver businesses soar higher. Learn more ▶️ https://okt.to/cdf4Kz #StrongerTogether #TeamCBIZ

With the acquisition of Marcum LLP, our CBIZ team is proud to strengthen its presence in the Mile-High City! Denver is known for its booming industries in renewable energy, aerospace, telecommunications, and professional services. Our expanded local team brings specialized expertise to support businesses navigating Colorado’s dynamic economy. From tax strategy to risk management, we’re here to help Denver businesses soar higher. Learn more ▶️ https://okt.to/TKOdtk #StrongerTogether #TeamCBIZ

With the acquisition of Marcum LLP, our CBIZ team is proud to strengthen its presence in the Mile-High City! Denver is known for its booming industries in renewable energy, aerospace, telecommunications, and professional services. Our expanded local team brings specialized expertise to support businesses navigating Colorado’s dynamic economy. From tax strategy to risk management, we’re here to help Denver businesses soar higher. Learn more ▶️ https://okt.to/CY2uwv #StrongerTogether #TeamCBIZ

With the acquisition of Marcum LLP, our CBIZ team is proud to strengthen its presence in the Mile-High City! Denver is known for its booming industries in renewable energy, aerospace, telecommunications, and professional services. Our expanded local team brings specialized expertise to support businesses navigating Colorado’s dynamic economy. From tax strategy to risk management, we’re here to help Denver businesses soar higher. Learn more ▶️ https://okt.to/kYdzH2 #StrongerTogether #TeamCBIZ

With the acquisition of Marcum LLP, our CBIZ team is proud to strengthen its presence in the Mile-High City! Denver is known for its booming industries in renewable energy, aerospace, telecommunications, and professional services. Our expanded local team brings specialized expertise to support businesses navigating Colorado’s dynamic economy. From tax strategy to risk management, we’re here to help Denver businesses soar higher. Learn more ▶️ https://okt.to/0B2ExP #StrongerTogether #TeamCBIZ