Brookfield Renewable Partners (BEP.UN) and Cameco Corp. (CCO) are partnering to buy the
Westinghouse Electric Company for $4.5 billion U.S.
Cameco and Brookfield Renewable are purchasing Westinghouse from another unit of
Brookfield.
Under terms of the deal, Toronto-based Brookfield will pay $2.3 billion U.S. and Saskatoon-
based Cameco will put up the remaining $2.2 billion U.S. to acquire Westinghouse, one of the
world’s largest providers of nuclear power services.
Once the deal is successfully concluded, Brookfield Renewable will own 51% of Westinghouse,
while Cameco will own 49% of the business.
The current controlling shareholder of Westinghouse is Brookfield Business Partners, which
bought the company in 2018 for $4.6 billion U.S.
Westinghouse employs about 9,000 people and services approximately half of the nuclear
power generation sector in Canada.
Nuclear power has been getting renewed attention this year as natural gas disruptions due to
Russia’s invasion of Ukraine raise concerns about energy security.
The Westinghouse transaction is expected to close in the second half of next year (2023).
Year-to-date, Brookfield Renewable Partners stock is down 10% and trading at $40.14 per
share. Cameco stock is up 19% on the year and trading at $35.62 a share.