Westinghouse to be sold in $7.9 billion deal

• 1 year, 6 months ago (2022-10-12)
• David Flin

North America 998 Nuclear 639

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Cameco and Brookfield Renewable Partners said they would acquire Westinghouse Electric in a $7.9 billion deal including debt. Cameco will own 49 per cent of Westinghouse, while Brookfield Renewable and its institutional partners will own the rest.

Tim Gitzel, Chief Executive of Cameco, said: “We’re witnessing some of the best market fundamentals we’ve ever seen in the nuclear energy sector.”

The deal comes at a time when nuclear power is undergoing increased interest amid an energy crisis in Europe, soaring crude oil and natural gas prices, and efforts to meet global net-zero carbon emission goals. In addition, Westinghouse could benefit from a push to replace suppliers to the western reactors that operate on Russian technology. Westinghouse has sought expedited approval to provide replacement fuel for plants in Bulgaria, Czechia, Finland, Hungary, and Slovakia.

Brookfield Renewable and its partners will pay $2.3 billion for the deal, and Cameco will incur equity costs of about $2.2 billion. Cameco, one of the largest suppliers of uranium fuel, said it would fund the purchase through a mix of cash, debt, and equity.

Westinghouse’s existing debt structure will remain in place.