Nuclear Power Comeback? Westinghouse Acquired In $7.9 Billion Deal

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Westinghouse Electric, a U.S nuclear-power firm, is being acquired in a deal valued at $7.9 billion.

A consortium comprised of Cameco, a Canadaian uranium fuel supplier, and Brookfield Renewable, one of the world’s largest clean energy investors, together with its institutional partners, today signed an agreement to acquire Westinghouse Electric from Brookfield Business Partners (BBU).

While Brookfield Renewable and other affiliates of Brookfield Asset Management Inc. will own a 51 percent interest in Westinghouse, Cameco will own 49 percent.

In 2018, Westinghouse was acquired by BBU and some partners from Toshiba for $4.6 billion. In 2017, Toshiba announced that Westinghouse is filing for Chapter 11 bankruptcy because of US$9 billion of losses from nuclear reactor construction projects.

Westinghouse supplied the world’s first commercial pressurised water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world’s operating nuclear plants.

The huge energy crisis in Europe and soaring oil prices have revived interest in nuclear power.

“This is the start of an exciting new chapter for the Westinghouse team and for nuclear power,” said Patrick Fragman, President and Chief Executive Officer of Westinghouse.

“We are grateful to BBU for its stewardship and investments that have strengthened Westinghouse’s position in the nuclear power industry, and more broadly in the clean power world, for the long-term. Now we are proud to join Brookfield Renewable and Cameco, reaffirming the important role played by Westinghouse and nuclear power in enabling the world’s clean energy transition and energy security goals.” he added.