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.

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, marking one of the biggest acquisitions in the history of the U.

In interesting timing, Friday's announcement came on the silver anniversary of the disastrous AOL/Time Warner merger.

Baltimore-based Constellation, the nation’s largest operator of nuclear power plants, is acquiring Calpine Corp.

Constellation Energy Corp. shares surged to a record high after agreeing to acquire closely held Calpine Corp. for $16.4 billion in a deal that will create the largest fleet of US power stations.

Constellation Energy Corp. shares surged to a record high after agreeing to acquire closely held Calpine Corp. for $16.4 billion in a deal that will create the largest fleet of US power stations.Most

Baltimore-based Constellation’s plans to acquire a Houston, Texas,-based natural gas  producer in a $26.6 billion deal will create one of the nation’s biggest energy firms at a time

Constellation Energy Corporation CEG and Calpine Corp. announced that they have entered into a definitive agreement under which CEG will acquire Calpine in a cash and stock transaction valued at an equity purchase price of nearly $16.