15:21 | 15.12.2017
Calpine Corporation Stockholders Approve Acquisition by Investor Consortium Led by Energy Capital Partners

Calpine Corporation (NYSE: CPN), America’s largest generator of
electricity from natural gas and geothermal resources, today announced
that its stockholders approved the acquisition of Calpine by Energy
Capital Partners along with a consortium of investors led by Access
Industries and Canada Pension Plan Investment Board for $15.25 per share
in cash.

Holders of a majority of the outstanding shares of Calpine’s common
stock voted in favor of adopting the merger agreement. The final voting
results for all proposals will be filed with the Securities and Exchange
Commission in a Current Report on Form 8-K.

The acquisition is expected to be completed during the first quarter of
calendar year 2018, subject to satisfaction of the remaining customary
closing conditions, including receipt of certain regulatory approvals.
About Calpine
Calpine Corporation is America’s largest generator of electricity from
natural gas and geothermal resources with operations in competitive
power markets. Our fleet of 80 power plants in operation or under
construction represents approximately 26,000 megawatts of generation
capacity. Through wholesale power operations and our retail businesses Calpine
Energy Solutions and Champion
Energy, we serve customers in 25 states, Canada and Mexico.
Our clean, efficient, modern and flexible fleet uses advanced
technologies to generate power in a low-carbon and environmentally
responsible manner. We are uniquely positioned to benefit from the
secular trends affecting our industry, including the abundant and
affordable supply of clean natural gas, environmental regulation, aging
power generation infrastructure and the increasing need for dispatchable
power plants to successfully integrate intermittent renewables into the
grid. Please visit
to learn more about how Calpine is creating power for a sustainable

Calpine’s Quarterly Report on Form 10-Q for the quarter ended September
30, 2017, has been filed with the Securities and Exchange Commission
(SEC) and is available on the SEC’s website at
Forward Looking Statements
This communication contains certain information, including financial
estimates and statements as to the expected timing, completion and
effects of the proposed merger involving Calpine and Energy Capital
Partners, which may constitute forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks and uncertainties, and actual results may differ
materially. Such forward looking statements include, among others,
statements about the benefits of the proposed transaction, including
future financial and operating results, plans, objectives, expectations
for Calpine and other statements that are not historical facts. Such
statements are based on the current beliefs and expectations of the
management of Calpine and are subject to significant risks and
uncertainties outside of Calpine’s control. These risks and
uncertainties include the possibility that the anticipated benefits from
the proposed transaction with Energy Capital Partners will not be
realized, or will not be realized within the expected time periods; the
occurrence of any event, change or other circumstances that could give
rise to termination of the proposed transaction agreement; operating
costs, customer loss and business disruption (including, without
limitation, difficulties in maintaining relationships with employees,
customers, clients or suppliers) may be greater than expected following
the announcement of the proposed transaction; risks associated with the
disruption of management’s attention from ongoing business operations
due to the proposed transaction; the inability to obtain necessary
regulatory approvals of the proposed transaction or the receipt of such
approvals subject to conditions that are not anticipated; the risk that
a condition to closing the transaction may not be satisfied on a timely
basis or at all; the risk that the proposed transaction fails to close
for any other reason; the outcome of any legal proceedings related to
the proposed transaction; the parties’ ability to meet expectations
regarding the timing and completion of the proposed transaction; the
impact of the proposed transaction on Calpine’s credit ratings; and
other risks described in Calpine’s Form 10-K, Form 10-Q and Form 8-K
reports filed with the SEC. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. Except as otherwise required by law, Calpine does not
undertake any obligation, and expressly disclaims any obligation, to
update, alter or otherwise revise any forward-looking statements,
whether written or oral, that may be made from time to time, whether as
a result of new information, future events or otherwise.
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