EDF will acquire Constellation's 50% ownership in UniStar Nuclear Energy for $140m to become Unistar's sole owner.
The comprehensive agreement restructures the firms' partnership, eliminates the outstanding put option and establishes EDF's full ownership of UniStar Nuclear Energy.
UniStar holds the sites for Calvert Cliffs 3 and a potential fourth reactor at Calvert Cliffs. Constellation will also transfer potential new nuclear sites at Nine Mile Point and RE Ginna in New York, US, to the firm.
Constellation will provide contractual services to UniStar to facilitate a smooth transition.
When the deal is closed Constellation will no longer be responsible for developing or financing a new nuclear plant at Calvert Cliffs 3.
Under the agreement EDF will transfer 3.5 million of the shares it owns in Constellation to Constellation and relinquish its seat on the Constellation board.
To make way for the new deal the existing standstill agreement between the companies will also be terminated.