Brookfield Renewable Partners and Cameco are teaming up to buy Westinghouse Electric Company for US$4.5 billion, plus debt, from another unit of Brookfield and its institutional partners.
Brookfield Renewable Partners and Cameco Corp. are teaming up to buy Westinghouse Electric Company for US$4.5 billion, plus debt, from another unit of Brookfield and its institutional partners.
Westinghouse employs about 9,000 people, and services approximately half of the nuclear power generation sector. The bulk of its revenue comes from recurring-revenue contracts, with about 85 per cent of its clients being signed in for the long term. “With our more than 30-year proven track record of providing secure and reliable fuel supplies to a global customer base, this transaction fits perfectly within Cameco’s strategy and is expected to increase our ability to meet the growing needs of existing and new customers at a time when origin and security of supply is of significant concern,”
Cameco said it currently has enough liquidity to finance its part of the deal, though it will be pursuing additional flexibility in the form of cash, debt and equity in order to keep its balance sheet in order prior to closing.
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