Fluor Corporation said on Tuesday its nuclear energy unit NuScale Power plans to go public by merging with a blank-check firm in a deal that values the combined entity at $1.9 billion, including debt.
Fluor said the deal with Spring Valley Acquisition Corp, a special purpose acquisition company, would provide NuScale with $413 million in gross proceeds. That includes a private investment in public equity (PIPE) of about $181 million anchored by Samsung C&T Corporation, DS Private Equity, Segra Capital Management and Pearl Energy.
After the deal closes, the new company named NuScale Power Corporation will list on the Nasdaq under the ticker symbol “SMR”. Fluor expects to own 60% of the combined company.
Read more/Source: Reuters
