Status: Upcoming/ New Filing
Acquirer: Cameco Corporation (Canada) & Brookfield Renewable Partners (Cayman Islands)
Acquired: Brookfield WEC Holdings Inc. (i.e.,Westinghouse Electric Company) (U.S.)
Value: approximately $8 billion
Industry Tags: Energy
On October 11, 2022, Brookfield Business Partners, “the listed business [(TSX, NYSE:BBU)] services and industrials company of Brookfield Asset Management Inc.,” (TSX, NYSE:BAM), a publicly traded Canadian based asset management company, “together with its institutional partners . . . announced an agreement to sell its nuclear technology services operation, Westinghouse Electric Company . . . , to a strategic consortium led by Cameco Corporation and Brookfield Renewable Partners . . . for a total enterprise value of approximately $8 billion . . . including proceeds from the disposition of a non-core asset expected to be received prior to closing the transaction.” (Press Release, Brookfield Business Partners, Form 6-K, Ex-99.1, Oct. 11, 2022, SEC Filing). Under the terms of the agreement, CFIUS clearance is a condition to closing. (Equity Purchase Agreement, Section 8.01(a)(i), Brookfield Business Partners Form 6-K, Ex-99-1). The transaction is anticipated to be completed in the second half of 2023. (Press Release, Brookfield Business Partners, Form 6-K, Ex-99.1, Oct. 11, 2022, SEC Filing).
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