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Energy Capital confirms Calpine buyout for $5.6B

Published 08/18/2017, 07:40 AM
© Reuters.  Energy Capital confirms Calpine buyout for $5.6B
  • Calpine (NYSE:CPN) +9.8% premarket after agreeing to be acquired for $5.6B in cash by Energy Capital Partners and a consortium of investors led by Access Industries and Canada Pension Plan Investment Board, confirming a report last night.
  • The $15.25/share takeout price represents a ~51% premium to CPN’s share price on May 9, the day before initial media speculation of a deal.
  • Energy Capital says it does not expect to make any changes to the way CPN operates or to the company’s financial policy and previously announced $2.7B deleveraging plan; CPN's current management team is expected to remain in place.
  • Now read: Wall Street Breakfast: AT&T (NYSE:T) On The Brink Of A Mega Deal


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