05:34:51 EDT Fri 31 Mar 2023
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Cameco Corp
Symbol CCO
Shares Issued 398,440,837
Close 2022-10-11 C$ 35.62
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Globe says Cameco, Brookfield unit to buy Westinghouse

2022-10-12 07:39 ET - In the News

Also In the News (C-BAM) Brookfield Asset Management Inc
Also In the News (C-BBU) Brookfield Business Partners LP
Also In the News (C-BEP) Brookfield Renewable Partners LP

The Globe and Mail reports in its Wednesday, Oct. 12, edition that Cameco and Brookfield Asset Management's renewables company will acquire nuclear company Westinghouse Electric for $4.5-billion (U.S.) plus more than $3-billion (U.S.) in assumed debt. The Globe's David Milstead and James Bradshaw write that the seller is another Brookfield unit, Brookfield Business Partners, which says it has had a sixfold return on its 2018 investment. The global campaign to reduce emissions from fossil fuels ran headlong into the disruption caused by Russia's unprovoked invasion of Ukraine. Brookfield Renewable Partners is among the world's largest investors in clean energy and transition assets. Cameco is one of the largest global suppliers of uranium fuel for nuclear energy, with extensive uranium mining and milling, refining, and conversion facilities. Brookfield Renewable, with its investors, will own a 51-per-cent interest in Westinghouse and Cameco will own 49 per cent. The two will split the $4.5-billion (U.S.) investment proportionally. Brookfield Renewable will invest about $750-million (U.S.) to own 17 per cent directly. The deal was lead by bankers at RBC Dominion Securities and BMO Nesbitt Burns.

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