Fluor, NuScale Power announce pact regarding stake monetization

Fluor (FLR) and NuScale Power (SMR) announced that they have reached an agreement regarding the conversion and monetization of Fluor’s remaining stake in NuScale, and have agreed to certain economic and other terms. Under the terms of the agreement, Fluor will convert its remaining Class B units of NuScale Power, LLC into shares of Class A common stock of NuScale, and will promptly begin a structured monetization of shares, subject to certain mutually agreed volume restrictions, which are intended to preserve the value of NuScale’s equity during the process. Fluor expects to complete the monetization of its stake by the end of the second quarter of 2026. In connection with the exchange, Fluor has agreed to vote in favor of NuScale’s anticipated increase to its authorized share count, to reduce Fluor’s economic rights under the tax receivable agreement, and to waive certain claims relating to Fluor’s commercial arrangements with NuScale. The parties also agreed to certain limitations on NuScale’s equity issuances through February 2026, intended to align interests and market stability while both parties access the capital markets. The agreement follows extensive dialogue and engagement by and between Fluor and NuScale; including NuScale’s Special Committee of its Board of Directors.