Constellation Energy (NASDAQ:) Corp. is on the verge of acquiring Calpine Corp., a move that could mark one of the most significant transactions in the power generation industry, Bloomberg reported on Wednesday.

Baltimore-based Constellation is negotiating with Calpine’s private equity owners to finalize the terms of a deal that could place the value of Calpine at approximately $30 billion, including the assumption of debt, the report said, citing people familiar with the matter.

The potential acquisition, which could be announced within the next few weeks, is still subject to ongoing deliberations, report added.

Constellation’s interest in Calpine underscores the strategic moves within the power sector as companies seek to consolidate and expand their market presence.

While the exact terms of the deal are still being discussed, the acquisition’s completion would likely have considerable implications for both Constellation and the wider power generation sector.

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