- The seller is the private equity group of Brookfield Asset Management, which acquired Westinghouse in 2018
- Brookfield Renewable is making its investment through Brookfield Global Transition Fund I, closed earlier this year at $15 billion
- The acquisition will provide opportunities to generate value and grow the business globally
Cameco Corp and Brookfield Renewable Partners have agreed to acquire Westinghouse Electric Company, a Canonsburg, Pennsylvania-based nuclear services provider. The total enterprise value for Westinghouse is $7.9 billion.
Brookfield Renewable will own a 51 percent stake in Westinghouse, while Cameco will own the remaining 49 percent stake. This equity cost will be shared proportionately between Brookfield and its institutional partners (about $2.3 billion) and Cameco (about $2.2 billion).
The acquisition, expected to close in the second half of 2023, will provide opportunities to generate value and grow the business globally, Brookfield Renewable and Cameco said.
The seller is the private equity group of Brookfield Asset Management, also known as Brookfield Business Partners, which acquired Westinghouse in 2018.
Brookfield Renewable is making its investment through Brookfield Global Transition Fund I, closed earlier this year at $15 billion.
Brookfield Renewable is among the world’s largest investors in clean energy and transition assets, with approximately 125,000 MW of operating and development capacity worldwide.
Cameco, based in Saskatoon, is a supplier of uranium fuel for nuclear energy, with extensive uranium mining and milling operations, as well as refining and conversion facilities and CANDU fuel fabrication for heavy water reactors.
On the deal, Connor Teskey, CEO of Brookfield Renewable, said in a statement, “Westinghouse has successfully refocused on providing core services to the nuclear industry and is ready for the next phase of growth. The business aligns well with our existing portfolio, delivering highly contracted and dependable revenue by serving customers who operate critical clean energy assets. Partnering with Cameco brings deep nuclear sector expertise, alongside our knowledge of energy markets and global customer base, to form a formidable champion for nuclear power. We see significant potential to grow the business and deliver on broader growth in the nuclear power sector through our strategic partnership with Cameco.”
Goldman Sachs and CIBC Capital Markets are acting as financial advisors to Cameco on the transaction.