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.

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

Separately, Calpine and Constellation are already among the largest power generation companies in the country.

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.

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.