Westinghouse to be acquired again

Cameco Corporation (“Cameco”) and Brookfield Renewable Partners (“Brookfield Renewable”), together with its institutional partners (“the consortium”), are forming a strategic partnership to acquire Westinghouse Electric Company (“Westinghouse”), one of the world’s largest nuclear services businesses.

Brookfield Renewable, with its institutional partners, will own a 51% interest in Westinghouse and Cameco will own 49%.

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 total enterprise value for Westinghouse is $7.875 billion. Westinghouse’s existing debt structure will remain in place, leaving an estimated $4.5 billion equity cost to the consortium, subject to closing adjustments. This equity cost will be shared proportionately between Brookfield and its institutional partners (approximately $2.3 billion) and Cameco (approximately $2.2 billion).

Jaak

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