Uranium fuel company Cameco and environmental investment firm Brookfield Renewable Partners on Tuesday announced a strategic partnership aimed at purchasing Westinghouse Electric Company, according to a press release.
If the deal closes as planned, Cameco will own a 49% stake in Westinghouse and Brookfield Renewable will control 51% of the company, according to a Tuesday statement from Cameco. The company is valued at around $7.9 billion.
The company’s acquisition is projected to close in the second half of 2023, the press release said.
Westinghouse is a global nuclear services company that manufactures reactor components, fabricates nuclear fuel, and provides other nuclear services such as environmental remediation and waste management. The company’s government services arm handles contracting work with the Department of Energy.
Brookfield Business Partners, a subsidiary of Canada-based investment firm Brookfield Asset Management, purchased Westinghouse from Toshiba in 2018 for around $4.6 billion. Brookfield Asset Management also owns Brookfield Renewable.
“Bringing together Cameco’s expertise in the nuclear industry with Brookfield Renewable’s expertise in clean energy positions nuclear power at the heart of the energy transition and creates a powerful platform for strategic growth across the nuclear sector,” the statement said.
Cameco, based in Saskatchewan, Canada, is a global supplier of uranium fuel for nuclear reactors. The company mines and mills uranium and also provides fuel refining, conversion and fabrication services.
Westinghouse president and CEO Patrick Fragman said in a separate statement Tuesday that the buyout was “the start of an exciting new chapter for the Westinghouse team and for nuclear power.”
“[W]e are proud to join Brookfield Renewable and Cameco, reaffirming the important role played by Westinghouse and nuclear power in enabling the world’s clean energy transition and energy security goals,” Fragman said.
