(New York) The uranium producer Cameco, the investment company Brookfield Renewable Partners and other players will buy the American company specializing in nuclear power plants Westinghouse Electric for 7.9 billion dollars, including debt, in a transaction signaling a renewed interest in this form of energy.
Posted yesterday at 7:26 p.m.
The sector has rarely benefited from such good market conditions, Cameco boss Tim Gitzel said in a joint statement.
“As one of the few forms of electricity generation capable of safely, reliably and affordably producing emissions-free power, nuclear power is becoming increasingly important in a world that emphasizes energy. electrification, carbon reduction and energy security,” he said.
The acquisition of Westinghouse “should increase our ability to meet the growing needs of existing and new customers at a time when origin and security of supply are key concerns,” he added.
Brookfield Renewable is an investment company specializing in renewable energy and energy storage projects.
“Any credible trajectory towards carbon neutrality depends on significant growth in nuclear energy,” said Mark Carney, head of transition investments for Brookfield and former governor of the central banks of England and Canada.
Under the terms of the transaction, Brookfield Renewable and its institutional partners will pay approximately $2.3 billion to take control of 51% of Westinghouse while Cameco will pay $2.2 billion for 49%.
They will recover approximately $3.4 billion in debt.
A former subsidiary of Japanese conglomerate Toshiba, Westinghouse filed for bankruptcy in 2017 before being acquired in 2018 by Brookfield Business Partners.
The latter entity claims to have refocused Westinghouse on its core nuclear business, reduced its operating costs and carried out several business buyouts to strengthen its expertise.
The group has approximately 9,000 employees in 19 countries manufacturing or managing nuclear power plants.
Brookfield Renewable and Brookfield Business are both subsidiaries of Canadian asset manager Brookfield Asset Management.
Completion of the transaction is expected in the second half of 2023.