Calpine Corp. shareholders have approved a $5.6 billion private buyout of the generator by an investor group led by Energy Capital Partners, clearing the way for deal to be closed in the first quarter of 2018.
Calpine on Dec. 15 said it had received majority approval from owners of its outstanding common shares, who will receive $15.25 per share under the terms of the deal. The company did not attract additional bids during its 45-day go-shop period that concluded on Oct. 3.
The company is awaiting final approval from the Federal Energy Regulatory Commission, where it filed for approval of the merger on Sept. 15. In the FERC filing, applicants requested FERC approve the proposed transaction by Jan. 15, 2018.
The company is also waiting on an approval by Public Utility Commission of Texas, making FERC and the PUCT the last two pending approvals that must be received prior to close, the company confirmed Dec. 15. (FERC docket EC17-182)
