Constellation Energy’s deal to buy Calpine is being driven by fast-rising demand for electricity in part by the technology industry’s investments in artificial intelligence.

The net purchase price of the deal is roughly $26.6 billion, which includes the assumption of debt for the privately held Calpine. Constellation Energy rose 9.5% to $266.89 in pre

Houston's largest private company will be acquired by a publicly traded utilities company based in Baltimore in a deal worth $26.6 billion.

Constellation is buying power natural gas and geothermal power provider Calpine in a cash-and-stock deal valued at approximately $16.4 billion, joining together two of the country’s biggest power companies.

Based in Baltimore, Constellation is a provider of clean energy and a supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental US.

Constellation Energy Corp. announced Friday it will buy Calpine, America’s largest generator of electricity from natural gas and geothermal resources, for a net purchase price of $26.6 billion.

Constellation is currently in talks with Calpine’s private equity owners, which include an affiliate of Energy Capital Partners and other investors, to nail down the details of an acquisition that could value Calpine around $30 billion including debt, Bloomberg reports, citing “people familiar with the matter.”

Baltimore's Constellation Energy buying Calpine in a deal that joins two huge U.S. power companies

U.S. nuclear power provider Constellation Energy on Friday agreed to buy privately held natural gas and geothermal company Calpine Corp for $16.4 billion, one of the biggest acquisitions in U.S. power industry history.