Calpine Corporation, in a communication to employees also filed with the SEC, said that it does not expect that FERC or other regulators would require divestitures as a result of the agreement under which Energy Capital Partners, along with a consortium of investors led by Access Industries and Canada Pension Plan Investment Board, will acquire Calpine for $15.25 per share in cash, or $5.6 billion.

Specifically, in a Q&A that is part of the document, Calpine said as follows:

Question: There has been speculation that assets may be sold as part of this transaction. Is that true?

Answer:

"• We do not expect that FERC or other regulators would require divestitures. The Merger Agreement requires ECP to use its reasonable best efforts to obtain the necessary regulatory approvals."

"• We plan to continue business operations as usual, providing resilience and reliability to our nation’s electric grid, while serving our customers with flexible natural gas fired resources and baseload geothermal energy."