Cameco, Brookfield Renewable Partners to buy Westinghouse in $7.9-billion deal
2022.10.11 18:10
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© Reuters. A Westinghouse Electric sign is seen during the China International Import Expo (CIIE), at the National Exhibition and Convention Center in Shanghai, China November 6, 2018. REUTERS/Aly Song/Files
(Reuters) -Cameco Corp and Brookfield Renewable Partners (NYSE:) will together buy nuclear power plant equipment maker Westinghouse Electric Company in a $7.9-billion deal, the companies said on Tuesday.
Nuclear power has seen an uptick in interest from countries after the war in Ukraine sparked an energy crisis in Europe and sent and prices soaring.
Brookfield Business Partners (NYSE:), the industrials and services business of Brookfield Asset Management, acquired Westinghouse in 2018.
BBU said in a separate statement it expects to generate about $1.8 billion in proceeds from the sale of its 44% stake in Westinghouse, with the balance distributed to institutional partners.
Brookfield Renewable, along with its institutional partners, will own a 51% interest in Westinghouse while uranium fuel supplier Cameco (NYSE:) will own 49%.
The deal is expected to close in the second half of 2023.
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