- Cameco (TSX:CCO) has received all required approvals to acquire Westinghouse Electric Company with Brookfield Asset Management (TSX:BAM)
- The Calgary-based energy company plans to finance its share of the acquisition utilizing the full amount of its US$600 million term loan, which will be drawn down at closing, along with available cash
- Westinghouse provides nuclear and other clean power technologies to utilities globally
- Cameco Corp. opened trading at C$58.58 per share.
Cameco (TSX:CCO) has received all required approvals to acquire Westinghouse Electric Company with Brookfield Asset Management (TSX:BAM).
The Calgary-based energy company plans to finance its share of the acquisition utilizing the full amount of its US$600 million term loan, which will be drawn down at closing, along with available cash.
The deal to acquire the nuclear power plant equipment maker is for US$7.9 billion.
Britain’s competition regulator signed off on approving the deal, which was first announced in October 2022, sparked by interest in nuclear power as Europe deals with high crude oil and natural gas prices under this current energy crisis. The transaction is expected to be completed by Nov. 7.
It was signed through Brookfield’s affiliate, Brookfield Business Partners (TSX:BBU.UN) a global business services and industrials company that operates businesses that provide essential products and services.
Westinghouse provides nuclear and other clean power technologies to utilities globally.
One of the largest global providers of uranium, Cameco Corp. recently reported that it had delivered 2.2 million pounds at an average realized price of 13 per cent higher than the same quarter last year.
Cameco Corp. opened trading at C$58.58 per share.
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