Constellation Energy Corp. is nearing an acquisition of Calpine Corp., people familiar with the matter said, in what would be one of the biggest ever deals in the power generation sector.

Constellation is buying power natural gas and geothermal power provider Calpine for $16.4 billion, joining together two of the country's biggest power companies. The transaction includes 50 ...

Exelon (EXC.O), opens new tab spun off Constellation Energy (CEG.O), opens new tab back in 2022 when prospects for nuclear power were dim, but artificial intelligence brightened them again.

Constellation will buy Calpine with 50 million of its shares and $4.5 billion in cash. It will also assume about $12.7 billion in Calpine debt. The total value of the deal will be about $26.6 billion.

Including the assumption of debt, Constellation on Friday valued the cash-and-stock deal for the privately held Calpine at $26.6 billion.

Constellation is in talks to buy Calpine in a transaction that would value the power company at close to $30 billion, including debt, the people said. The deal is expected to be finalized next ...