Constellation Energy Said to Near $30 Billion Calpine Deal (3)

Constellation Energy Corp. is nearing an acquisition of Calpine Corp., people familiar with the matter said, in what would be one of the biggest ever deals in the power generation sector.

Baltimore-based Constellation is in discussions with Calpine’s private equity owners about the terms of a transaction that could value the company at about $30 billion including debt, according to the people. A deal may be announced in the coming weeks, they said.

Energy Capital Partners, CPP Investments and Access Industries agreed to take Calpine private in 2017 in a deal valued at more than $17 billion including ...