Oct 12, 2022 - Energy & Environment

Nuclear power giant Westinghouse being bought for $7.9 billion

Illustration of a smiley face with radiation symbols for eyes.

Illustration: Megan Robinson/Axios

Brookfield Renewable Partners and uranium fuel supplier Cameco said that they've agreed to buy Pennsylvania-based nuclear power company Westinghouse Electric for $7.9 billion from Brookfield Business Partners.

Why it matters: This reflects renewed global interest in nuclear power, including new U.S. federal incentives, driven by both geopolitical and climate concerns.

Details: Westinghouse went bankrupt just five years ago, after which owner Toshiba sold it to Brookfield Business Partners for $4.6 billion (including debt).

  • Sister investment shop Brookfield Renewable now will invest $2.3 billion for a 51% equity stake in Westinghouse, while Cameco will buy 49% for $2.2 billion.
  • The Canadian firms also will assume $3.4 billion in existing debt.

The bottom line: Westinghouse tech is in nearly half the world's existing nuclear reactors, with the FT noting that it also "could benefit from a push to replace suppliers to the more than 30 western reactors that operate on Russian technology."

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