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."
 |
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.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
