Calpine Nears Private Ownership
We are reaffirming our $15.25 per share fair value estimate after Calpine reported full-year income from operations of $378 million in 2017 compared with $839 million in 2016. Our fair value is based on a 100% probability that its pending acquisition by Energy Capital Partners and its investor consortium will close in the next few months.Calpine's merger agreement continues to progress, with shareholders approving the transaction in mid-December. We continue to believe the transaction is the be...
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