IN BRIEF: Pantheon Infrastructure notes Constellation buy of Calpine

Pantheon Infrastructure PLC - London-based infrastructure investment trust - Updates in relation to its investment in Calpine Corp, noting that Constellation Energy Corp has agreed to acquire Calpine. Baltimore, Maryland-based electricity firm Constellation said on Friday that it will acquire Houston, Texas-based Calpine, which specialises in energy production from low-emission natural gas, in a cash and stock transaction valued at around $16.4 billion based on Constellation’s 20-day volume-weighted average share price of $237.98 at that time. Pantheon says completion ‘remains subject to various regulatory clearances and approvals, which are expected to occur within 12 months’. Assuming the valuation is reflected in Pantheon’s net asset value, it expects an approximate 3 pence per share increase to its NAV. Pantheon says it invested about $54 million, or £46 million in Calpine as part of a direct secondary transaction with Energy Capital Partners announced in June 2022.

Current stock price: 91.48p each, down 0.4% on Monday afternoon in London

12-month change: up 6.4%

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