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Westinghouse Acquisition by Brookfield and Cameco Complete

Published: 2023-11-07 21:45:00 ET

The New Shareholding Will Further Strengthen Westinghouse’s Growth as a Leader in the Clean Energy Sector

CRANBERRY TOWNSHIP, Pa.--(BUSINESS WIRE)-- As announced earlier today, a consortium comprised of Brookfield Asset Management (NYSE: BAM, TSX: BAM), and alongside its publicly listed affiliate Brookfield Renewable Partners (NYSE: BEP; TSX: BEP.UN) and its institutional partners (“Brookfield”), and Cameco (NYSE: CCJ; TSX: CCO) completed its acquisition of Westinghouse Electric Company.

The sale to Brookfield and Cameco cements the significant role that Westinghouse plays in enabling the world’s clean and secure energy goals and will further support Westinghouse’s development and growth. Brookfield’s global leadership across carbon-free energy technologies further positions Westinghouse and nuclear power in the clean energy transition worldwide. Cameco brings deep experience in the front-end fuel cycle, complementing Westinghouse’s robust capabilities in fabrication and services, and further enhancing security of nuclear fuel supply globally.

“This new era of Westinghouse builds upon the strong foundation established with the previous owners, which have been exceptional supporters and stewards of Westinghouse in its repositioning,” says Patrick Fragman, President and Chief Executive Officer of Westinghouse. “As we look to the future, Westinghouse is strategically positioned with Brookfield and Cameco to leverage expertise in our respective areas to better serve our customers and achieve a carbon-free future.”

Brookfield owns a 51 percent interest in Westinghouse and Cameco owns a 49 percent interest. Brookfield is pursuing this opportunity through the Brookfield Global Transition Fund I (“BGTF I”), which is the largest fund in the world focused on the clean energy transition.

Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear and other clean power technologies to utilities globally. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world's operating nuclear plants. Over 135 years of innovation makes Westinghouse the preferred partner for advanced technologies covering the complete nuclear energy life cycle. For more information, visit www.westinghousenuclear.com and follow us on Facebook, LinkedIn and X.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231107206326/en/

Westinghouse Electric Company LLCMedia@westinghouse.com

Source: Westinghouse Electric Company

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.