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Energy Capital Partners nears $30bn sale of Calpine to Constellation

Private Equity Wire

Buyout firm Energy Capital Partners (ECP) and its co-investors are edging closer to agreeing a deal for the $30bn sale of Calpine to Constellation Energy, according to a report by Reuters citing unnamed sources familiar with the matter.

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Transcript: Armen Panossian

The Big Picture

You’ve probably heard some aspects of this from the various interviews I’ve done with Howard Marks talking about the distressed asset fund they set up in 2007. You joined in 2007. But, but fast forward to June of 2007, you know, oaktree in the distressed debt landscape is, is really, you know, second to none.

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Transcript: Gretchen Morgenson

The Big Picture

In 2007, firms extracted — the private equity firms extracted $20 billion from companies in the form of dividend recapitalizations. Aren’t the big firms and the LBOs, the leveraged buyouts, very different than the middle market, smaller private equity firms that provide capital and equity to small companies.