Cameco and Brookfield Renewable Partners said they would acquire nuclear power plant equipment maker Westinghouse Electric in a $7.9bn deal including debt, amid renewed interest in nuclear energy.
The deal for one of the most storied names in the American power industry at an equity value of $4.5 billion comes at a time when nuclear power is seeing an uptick in interest amid an energy crisis in Europe and soaring crude oil and natural gas prices.
Westinghouse was acquired from Toshiba Corp by Brookfield Business Partners , an affiliate of Canadian asset manager Brookfield, out of bankruptcy in 2018, for $4.6 billion, including debt.
Brookfield Renewable and its partners will pay about $2.3 billion for the deal, whereas Cameco will incur equity costs of about $2.2 billion. Westinghouse’s existing debt structure will remain in place.
Read more: Reuters
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