Cameco, Brookfield complete acquisition of Westinghouse Electric Company

Cameco (CCJ) announced that the acquisition of Westinghouse Electric Company in a strategic partnership with Brookfield Asset Management (BAM) alongside its publicly listed affiliate Brookfield Renewable Partners and institutional partners closed today. Cameco now owns a 49% interest and Brookfield owns the remaining 51% in Westinghouse, one of the world’s largest nuclear services businesses. The total enterprise value of $7.9B was adjusted for working capital balances at the close, resulting in a final enterprise value of $8.2B. Westinghouse has $3.8B in outstanding debt commitments, for which it maintains responsibility after closing and which reduces the equity cost of the acquisition. “This is a historic day for Cameco as we join Brookfield to complete our purchase of Westinghouse. Since first announcing this deal a year ago, we believe the business prospects for Westinghouse have significantly improved. The sustained and positive momentum for nuclear energy has been undeniable as countries and companies around the world strive to meet their net-zero commitments and growing energy needs through clean and secure supply. Cameco’s 35 years of experience in uranium mining and nuclear fuel production combined with Brookfield’s expertise in clean energy is expected to provide a solid foundation for Westinghouse’s continued success in the provision of nuclear plant technologies, products and services, and to create a powerful platform for strategic growth across the nuclear sector. The partners, together with Westinghouse, are well-positioned to provide global solutions for the increasing need for secure, reliable and emissions-free baseload power. Our priorities over the coming weeks will include Cameco and Brookfield conducting our first Westinghouse board meeting focused on its strategic business plan. Cameco also has a number of international commitments to fulfil over the next month with some of the most influential countries, world leaders and global organizations who are seeking our advice on how to help nuclear power realize its full potential and further amplify its contributions to a clean and secure energy future. Once those commitments have been fulfilled, Cameco will host a virtual investor day on December 19, 2023, to further discuss the exciting business prospects we see moving forward for Westinghouse,” said Tim Gitzel, president and CEO of Cameco.