Calpine Expands Retail Presence With Noble Americas Energy Solutions
We are reaffirming our $20 per share fair value estimate, along with our no-moat and positive moat trend ratings, after Calpine announced plans to acquire Noble Americas Energy Solutions, or NAES, for $800 million plus $100 million of net working capital.After accounting for the expected $200 million benefit from collateral synergies and legacy hedge runoff, the transaction values NAES at 5.0 times adjusted EBITDA. This is in line with the 4.5 times adjusted EBITDA Calpine paid in its 2015 purc...
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