Cameco Corporation partners with Brookfield Renewable to acquire Westinghouse Electric Company for US$7.875B
October 11, 2022
7.88 Billion USD
On October 11, 2022, Cameco Corporation (“Cameco”) and Brookfield Renewable Partners (“Brookfield Renewable”) formed a strategic partnership to acquire Westinghouse Electric Company (“Westinghouse”), one of the world’s largest nuclear services businesses, from Brookfield Business Partners in a deal valued at US$7.875 billion. Brookfield Renewable, with its institutional partners, will own a 51% interest in Westinghouse and Cameco will own 49%.
Cameco, based in Saskatoon, Canada, is one of the world’s largest providers of the uranium needed to generate clean, reliable baseload electricity around the globe.
Brookfield Renewable, based in Toronto, Canada, owns and operates renewable power assets.
Westinghouse, based in Cranberry Township, United States, is an international nuclear energy company.
McCarthy Tétrault advised Cameco with a team led by David Lever that included David Woollcombe, Matthew Cumming, Andrew Parker, Maureen Gillis, Suzie Cusson, Firuz Rahimi, Mitchell Lui, Lama Kahiel, Shaun Khullar, Samantha Pettinato, Liam Sako, Victoria Zed, Jonathan Leung (Business), Gordon Baird (Financial Services), Stefanie Morand, Kabir Jamal, Dean Xiao (Tax), Oliver J. Borgers, Gideon Kwinter (Competition), John W. Boscariol, Gajan Sathananthan (Trade), Joanna Rosengarten (Environmental), Vincent Yip (Intellectual Property), Ben T. Aberant, Nicole Naglie (Labour and Employment), Kelleher Lynch, Julia Miller (Pensions), and Sarit Pandya (Real Property and Planning).