Kirkland & Ellis is guiding Constellation Energy Corp. in its plan to buy Calpine Corp. for $16.4 billion.
Latham & Watkins and White & Case are assisting Calpine.
The deal will add power generation assets to Constellation as demand across the country surges, partially because of data centers needed for artificial intelligence. Top energy dealmakers predict a boost in energy deals under the President-elect Donald Trump’s administration and lighter antitrust scrutiny in the sector.
The Kirkland team includes corporate lawyers David Feirstein, Doug Bacon, Andy Calder, Zach Savrick, Michael Bassi and Alec Manzer; energy regulatory lawyers Damien Lyster and Cassidy Hall; executive compensation lawyers Stephen Jacobson and Karsten Busby; capital markets lawyers Matt Pacey and Anthony Sanderson; debt finance lawyers Rachael Lichman and Charlie Martin; and tax lawyers Dean Shulman and Mark Dundon.
At Latham, New York partners David Kurzweil and Edmond Parham lead the corporate deal team.
White & Case’s team of partners includes Michael Shenberg, Mingda Zhao, Henrik Patel, Morton Pierce, Emilio Grandio, Ipek Candan Snyder, Rebecca Farrington, David Dreier, Joel Rubinstein and Jason Rocha.
A Fried Frank team, led by partners Philip Richter and Roy Tannenbaum, are guiding JPMorgan Securities as financial adviser to Constellation Energy.
The takeover would be one of the largest for a US power generation company. If carried through, it could bring substantial returns for Calpine shareholders Energy Capital Partners, Canada Pension Plan Investments and Access Industries,who took the company private for $5.5 billion in 2018.
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