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 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,