Cameco, Brookfield Renewable form partnership to acquire Westinghouse

Together with its institutional investors, Cameco Corporation and Brookfield Renewable Partners are forming a strategic partnership to buy Westinghouse Electric Company, one of the world's largest nuclear services companies.

Brookfield Renewable and its institutional investors will control 51% of Westinghouse, while Cameco will hold 49%.

Westinghouse's overall enterprise value is CAD7.875 billion (US$5.71 billion). The consortium will pay an estimated CAD4.5 billion (US$3.3 billion) in equity for Westinghouse, pending closing adjustments. Brookfield and its institutional partners (CAD2.3 billion or US$1.7 billion) and Cameco (CAD2.2 billion or US$1.6 billion) will share the equity cost proportionally.