As nuclear operators around the world forge plans to turn away from Russia, a Canadian nuclear fuel company, Cameco Corp., is buying into one of Russia’s nuclear industry’s main foils: Westinghouse Electric Co.
Westinghouse, a Cranberry-based nuclear engineering company, is changing hands again, four years after it was bought out of bankruptcy in 2018 by Canadian investment firm Brookfield Business Partners for $4.6 billion. Westinghouse will still be under the Brookfield umbrella when the newly announced deal closes, expected in the second half of next year.
Brookfield Renewable Partners, an affiliated asset management company, and Cameco have agreed to buy Westinghouse through a joint venture in a deal valued at $7.9 billion, which includes $3.4 billion in debt that will remain with Westinghouse.
Brookfield Renewable will contribute $2.3 billion and hold a 51% stake in the joint venture, and Cameco will pay $2.2 billion and have a 49% interest. Both companies will have three directors each on the board.