Calpine to be acquired by investor consortium
On August 18, 2017, Calpine Corporation ("Calpine") announced that it entered into a definitive agreement under which Energy Capital Partners along with a consortium of investors led by Access Industries and Canada Pension Plan Investment Board ("CPPIB") will acquire Calpine for US$15.25 per share in cash, or US$5.6 billion. CPPIB announced that it will invest US$750 million as part of the transaction.
The transaction, which followed a competitive strategic review process and was unanimously approved by Calpine's Board of Directors, closed on March 8, 2018.
Calpine is America's largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets.
Energy Capital Partners is a private equity and credit investment firm with over US$13 billion in capital commitments.
Access Industries is a privately held, U.S.-based industrial group with global strategic investments.
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. At March 31, 2017, the CPP Fund totalled C$316.7 billion.
Further information can be found on Business Wire's and CPPIB's websites.