The Globe and Mail reports in its Saturday, Aug. 1, edition that Westinghouse Electric has filed for a United States initial public offering as interest in new nuclear power sources grows. The Globe's James Bradshaw writes that the company is jointly owned by Brookfield Asset Management's renewable energy arm and Cameco.
The number of shares to be offered and the price range for the public listing have not yet been set, and the proposed IPO and its timing will depend on market conditions. But the filing allows Westinghouse to prepare for a public listing and share information privately with regulators.
Only eight years ago, Westinghouse was in bankruptcy when Brookfield's private equity arm bought the company from Toshiba for $4.6-billion (all figures U.S.).
Four years later, Brookfield's private equity business sold Westinghouse to Cameco and Brookfield Renewable Partners for $4.5-billion plus $3-billion in assumed debt. Brookfield kept a 51-per-cent stake, and Cameco owns 49 per cent.
Westinghouse has a decades-long track record in the nuclear sector and a head start on many of its rivals. More than half of the nuclear reactors operating around the world use its technology, according to the company.
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