SASKATOON — Cameco Corp. and Brookfield Renewable Partners have teamed up to buy Westinghouse Electric Co., one of the world’s largest nuclear services businesses, for US$4.5 billion plus assumed debt.

Under the deal, Brookfield Renewable, with its institutional partners, will own a 51 per cent interest in Westinghouse and Cameco will own 49 per cent.

The companies say Westinghouse services about half the nuclear power generation sector and is the original equipment manufacturer to more than half the global nuclear reactor fleet.

Brookfield Renewable CEO Connor Teskey says he sees significant potential to grow the business and deliver on broader growth in the nuclear power sector through its strategic partnership with Cameco.

The seller is Brookfield Business Partners, the industrials and services business of Brookfield Asset Management, that acquired the business in 2018.

The transaction is subject to approval by Brookfield Business Partners unitholders that are not affiliated with Brookfield Asset Management, as well as customary closing conditions and regulatory approvals.

This report by The Canadian Press was first published Oct. 12, 2022.

Companies in this story: (TSX:CCO, TSX:BEP.UN, TSX:BBU.UN, TSX:BAM.A)

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