"Constellation Energy is acquiring Calpine Corporation for $26.6 billion, which includes $4.5 billion in cash and the assumption of $12.7 billion in debt. The combined company will have nearly 60 gigawatts of capacity from zero- and low-emission sources and become the nation's leading retail electric supplier. CPP Investments will receive approximately $700 million in cash and $1.9 billion in stock from the sale of its stake in Calpine. The transaction is expected to close in the second half of 2025, pending regulatory approvals."