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.

Constellation Energy Corp., an electricity provider whose stock has doubled over the last year on hopes it will help meet the voracious energy demand created by artificial-intelligence technologies, on Friday reached a $16.

Constellation Energy Corp. shares surged to a record high after agreeing to acquire closely held Calpine Corp. for $16.4 billion in a deal that will create the largest fleet of US power stations.Most