Constellation Energy agreed to buy Calpine for $16.4 billion, combining two of the country’s largest electricity generators at a time when their product is in high demand from tech companies. Including the assumption of debt,

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