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BRIEF-Energy Capital to buy Calpine Corp in a $5.6 billion​ deal
August 18, 2017 / 11:06 AM / a month ago

BRIEF-Energy Capital to buy Calpine Corp in a $5.6 billion​ deal

Aug 18 (Reuters) - Calpine Corp

* Calpine agrees to be acquired by investor consortium led by Energy Capital Partners

* Deal for ‍$15.25 per share in cash​

* Deal for ‍$5.6 billion​

* Transaction follows a competitive strategic review process and was unanimously approved by Calpine’s board of directors​

* Agreement provides for payment of a termination fee by co of $142 million to investor consortium in event that agreement is terminated

* Will maintain its corporate headquarters in Houston, Texas with current management team expected to remain in place

* Lazard is serving as financial advisor and White & Case LLP as legal advisor to Calpine​

* Along with Energy Capital Partners, investor consortium is led by access industries and Canada Pension Plan Investment Board​

* Transaction is not subject to a financing condition​

* Entered into definitive agreement under which Energy Capital Partners along with a consortium of investors will acquire Calpine​

* Deal includes 45-day “go-shop” period, during which co can potentially enter negotiations with parties that offer alternative proposals​

* Entity wholly owned and controlled by Energy Capital Partners​ and its consortium will fund 100% of equity required to consummate transaction

* Energy Capital Partners’ Tyler Reeder​ says do not intend to make changes to Calpine’s financial policy or $2.7 billion deleveraging plan

* Agreement provides for payment of a termination fee of $65 million if Calpine terminates agreement for a superior proposal​ Source text for Eikon: Further company coverage:

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