Westinghouse Sold for $7.9 Billion

Uranium producer Cameco, investment firm Brookfield Renewable Partners and others will buy Westinghouse.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Uranium producer Cameco, investment firm Brookfield Renewable Partners and others will buy U.S. nuclear power plant company Westinghouse Electric for $7.9 billion, including debt, in a deal that signals renewed interest in the energy form.

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 emission-free power, nuclear power is becoming increasingly important in a world that is focused on electrification, carbon reduction and energy security,” he said.

The acquisition of Westinghouse “should enhance our ability to meet the growing needs of existing and new customers at a time when origin and security of supply are major concerns,” he added.

Brookfield Renewable is an investment company specializing in renewable energy and energy storage projects. ”

Any credible path to carbon neutrality requires significant growth in nuclear power,” 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 made several buyouts to strengthen its expertise.

The group has about 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.

The transaction is expected to close in the second half of 2023.

Sintana Energy has initiated legal proceedings in the Isle of Man to secure approval for its all-share acquisition of Challenger Energy, with support from over one-third of the target company’s shareholders.
EDF has selected Intesa Sanpaolo and Lazard to explore strategic options for Edison, its Italian subsidiary, as part of a broader asset review under its new chief executive officer.
TotalEnergies has signed an agreement to sell its subsidiary GreenFlex to engineering group Oteis, marking a step in its strategy to concentrate on energy production and supply.
VoltaGrid and Halliburton launch a strategic collaboration to deploy distributed power systems for data centres, with an initial rollout planned in the Middle East.
Japan's power futures market is poised for rapid expansion, backed by a government reform requiring supply contracts up to three years in advance.
PermRock Royalty Trust announces a $384,018 distribution to its unitholders, supported by higher production volumes despite a significant drop in oil prices and increased operating expenses.
The acquisition of U.S.-based ERG Environmental enables Arcwood to expand its footprint in the Great Lakes region and broaden its services to industrial and municipal sectors.
EDF confirms it is exploring capital openings and calls for strict investment prioritisation, facing €54.3bn ($57.5bn) in debt and massive funding needs by 2040.
A consortium led by Masdar and CPP Investments proposes to acquire all of ReNew at $8.15 per share, representing a 15.3% increase over the initial offer.
In Kuala Lumpur, Huawei Digital Power unveiled its grid-forming technologies, positioned as a strategic lever to strengthen power interconnections and accelerate energy market development across ASEAN.
Voltalia has entered a strategic partnership with IFC to develop tailored renewable energy projects for the mining sector across several African countries.
Ghana will receive increased backing from the World Bank to stabilise its electricity grid, as the country faces more than $3.1bn in energy debt.
Repsol has launched a pilot platform of AI multi-agents, developed with Accenture, to transform internal organisation and improve team productivity.
ABB recorded double-digit growth in sales of equipment for data centres, contributing to a 28% increase in net profit in the third quarter, surpassing market expectations.
UK power producer Infinis has secured a £391mn ($476mn) banking agreement to support the next phase of its solar and energy storage development projects.
The Nexans Board of Directors has officially appointed Julien Hueber as Chief Executive Officer, ending Christopher Guérin’s seven-year tenure at the helm of the industrial group.
JP Morgan Chase has launched a $1.5 trillion, ten-year investment initiative targeting critical minerals, defence technologies and strategic supply chains across the United States.
Amid rising global demand for low-carbon technologies, several African countries are launching a regional industrial strategy centred on domestic processing of critical minerals.
Maersk and CATL have signed a strategic memorandum of understanding to strengthen global logistics cooperation and develop large-scale electrification solutions across the supply chain.
ABB made several attempts to acquire Legrand, but the French government opposed the deal, citing strategic concerns linked to data centres.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.