In interesting timing, Friday's announcement came on the silver anniversary of the disastrous AOL/Time Warner merger.

US energy giant Constellation Energy has agreed to acquire Calpine Corporation, an independent power producer, for $26.6 billion, including debt considerations. The transaction includes 50 million shares of Constellation stock, $4.5 billion in cash, and the assumption of about $12.7 billion in Calpine’s net debt.

Constellation is buying power natural gas and geothermal power provider Calpine in a cash-and-stock deal valued at approximately $16.4 billion, joining together two of the country’s biggest power companies.