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Senate Finance Committee To Investigate LIV-PGA Merger

 |  June 7, 2023

The Senate Finance Committee Chairman, Ron Wyden, announced that his panel will conduct a thorough investigation into the PGA-LIV golf merger. Wyden did not disclose any details about the investigation or a potential hearing date, but expressed challenges in obtaining information and accountability from the Saudi government.

“This looks like hypocrisy driven by a major cash grab, and we’re gonna get to the bottom of it,” Wyden told reporters.

The Justice Department is conducting an antitrust investigation into the PGA Tour. The investigation is focused on whether the organization manipulated the labor market in the sport. Players, including Phil Mickelson, Bryson DeChambeau, and Sergio García, have been interviewed by investigators. The New York Times reported on the investigation.

Related: In Shocking Turn Of Events PGA Tour Agrees To Merge With Rival LIV Golf

Bloomberg reported that the Justice Department is also conducting an investigation into the merger.

“I would intensify and focus it not only on the antitrust issues, but also on the potential foreign registration questions,” Sen. Richard Blumenthal, D-Conn., said.

Blumenthal and his fellow Connecticut Sen. Chris Murphy, D, are furious with the PGA for joining a league that is backed by Saudi Arabia, as families of 9/11 victims accuse the kingdom of funding terrorism.

“If PGA really wants to make amends for this really, absolutely abhorrent merger, it ought to be supporting the 9/11 families rather than merging with an organization that tried to smear them,” Blumenthal said.

“And it’s disappointing that the PGA was up here on the Hill, asking us all to join with them, in fighting back against the Saudis attempt to try to paper over their human rights record. And now they are very willing and enthusiastic to actually provide that same service to the Saudi government,” Murphy said.

PGA Commissioner Jay Monahan mentioned using Saudi Arabia’s human rights record to dissuade players from leaving the PGA, citing personal connections to families affected by 9/11.

The group 9/11 Families United expressed their displeasure with the PGA-LIV agreement, claiming that Saudi Arabia is attempting to improve its reputation through sports, a phenomenon known as “sportswashing,” and that the PGA is aiding them in this effort.

Power Industry Shake-Up: Constellation Energy to Buy Calpine in Massive $26.6B Deal Power Industry Shake-Up: Constellation Energy to Buy Calpine in Massive $26.6B Deal

Power Industry Shake-Up: Constellation Energy to Buy Calpine in Massive $26.6B Deal

 |  January 10, 2025

US-based nuclear power giant Constellation Energy has announced a landmark deal to acquire privately-held natural gas and geothermal company Calpine Corp for $16.4 billion in a move that reshapes the American energy landscape. The acquisition, one of the largest in the history of the U.S. power sector, comes at a time of surging electricity demand driven by the rapid expansion of energy-intensive technologies like artificial intelligence and the ongoing electrification of transportation and buildings.

According to Yahoo the agreement will transform Constellation into the largest independent power provider in the United States, with a diverse portfolio spanning nuclear, natural gas, and geothermal energy sources. The deal, which also includes Calpine’s debt, values the transaction at $26.6 billion.

Following the announcement, Constellation’s stock surged by as much as 10% before markets opened, with gains extending to 22% shortly after trading began. The company expects the acquisition to close in the second half of 2025. Once finalized, the merger is projected to add $2 billion in annual free cash flow, further strengthening Constellation’s financial position.

Read more: Federal Competition Office to Scrutinize High Electricity Prices in Germany

The acquisition reflects the growing urgency for reliable and sustainable energy solutions. Per Yahoo, the combined entity will boast nearly 60 gigawatts (GW) of low- and zero-emission capacity, allowing Constellation to solidify its position as a key player in the nation’s clean energy transition. CEO Joe Dominguez emphasized the critical need to meet rising energy demands, saying, “Demand for our products is expected to grow by levels we haven’t seen in a lifetime.”

The transaction significantly expands Constellation’s geographic footprint, particularly in the high-demand markets of Texas and California. With this deal, Constellation’s share of generation capacity in Texas will jump from 11% to 23%, while its presence in California will rise to 10%, up from a negligible amount. Both states rank among the most populous and energy-intensive in the country.

Aneesh Prabhu, an analyst with S&P, described the deal as transformative, noting that the merger will create “the largest coast-to-coast power generator” in the U.S. The acquisition will also boost Constellation’s workforce by 20%, adding approximately 2,750 employees to its ranks and bringing the total headcount to 16,500.

Source: Yahoo