Private equity investor Energy Capital Partners is acquiring Calpine, a top producer of natural gas, for $5.6B, or $15.25 cash per-share, a 51 percent premium for stockholders.
Calpine chairman Frank Cassidy said the transaction follows "an exhaustive review of strategic alternatives undertaken by our board" and is the best way to maximize shareholder view and "unlock the company's intrinsic value."
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ECP expressed strong support for Calpine's management and growth prospects. "We do not expect to make any changes to the way Calpine operates its business and intend to remain focused on providing the high level of service to which Calpine’s wholesale and retail customers have become accustomed," said Tyler Reeder, ECP partners.
Calpine, which is the nation's largest generator of electricity from natural gas and geothermal resources, owns 80 plans that serves customers in 25 states, Canada and Mexico.
SV&C's Jared Levy, Patrick Scanlan and Frances Jeter represent Calpine.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Kekst CNC represents Grant Thornton as it sells a majority stake in its US arm to New Mountain Capital, which relies on Goldin Solutions, in what is billed as the largest PE investment in the accounting and advisory sector.
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