Constellation Energy has agreed to acquire the minority stake of Calpine Corp. for 16.4 billion USD to increase dozens of power generation assets across the USA. The two companies stated in a release on Friday that Constellation would pay in Cash and Stocks. Constellation will also take on Calpine's net debt of approximately 12.7 billion USD. On Friday, in Pre-Market Trading, Constellation surged over 13%. This acquisition will be one of the largest acquisitions by a power generation company in the USA, providing substantial returns to Calpine's Shareholders Energy Capital Partners, Canada Pension Plan Investments, and Access Industries, who privatized the company for 5.5 billion USD in 2018.