Calpine Corporation Announces End of “Go-Shop” Period

HOUSTON--(BUSINESS WIRE)--Calpine Corporation (NYSE: CPN), America’s largest generator of electricity from natural gas and geothermal resources, today announced the expiration of the 45-day “go-shop” period pursuant to the terms of the previously announced definitive agreement under which Energy Capital Partners (ECP) along with a consortium of investors led by Access Industries and Canada Pension Plan Investment Board will acquire Calpine. Calpine, with the assistance of Lazard, solicited alternative transaction proposals during the “go-shop” period from 65 potential acquirers, comprised of 25 strategic parties, six pension funds and sovereign wealth funds, 30 infrastructure firms and financial sponsors and four family offices and insurance companies, which resulted in one potential financial sponsor negotiating and entering into a confidentiality agreement with Calpine. None of the parties contacted during the “go-shop” period, including such financial sponsor, or any other party, proposed an alternative transaction to Calpine during the 45-day “go-shop” period.