Calpine to Acquire Noble Americas Energy Solutions, Significantly Enhancing Retail Energy Platform

HOUSTON--(BUSINESS WIRE)--Calpine Corporation (NYSE:CPN) announced today that it has entered into an agreement to purchase Noble Americas Energy Solutions, LLC (NAES), the nation’s largest independent supplier of power to commercial and industrial retail customers, for a purchase price of $800 million plus an estimated $100 million of net working capital at closing. Calpine expects to recover approximately $200 million through collateral synergies and the runoff of acquired legacy hedges, substantially within the first year, resulting in expected net cash deployed of approximately $700 million (including working capital), or approximately five times NAES’ recent and expected run-rate Adjusted EBITDA.