Cameco Shares Fall 16% After Deal to Buy Westinghouse Electric
October 12 2022 - 12:06PM
Dow Jones News
By Kathryn Hardison
Shares of Cameco Corp. slid 16% to $29.86 on Wednesday after the
company agreed to acquire Westinghouse Electric Co. through a
partnership with Brookfield Renewable Partners LP.
Cameco will own a 49% interest in Westinghouse, and Brookfield
Renewable, with its institutional partners, will own a 51% stake,
the companies said Tuesday. The total enterprise value for
Westinghouse is roughly $7.88 billion, which includes an estimated
$4.5 billion in equity and the rest in debt.
Cameco, the world's largest publicly-traded uranium company,
said it has enough liquidity to finance its share of the deal.
Concurrently, it said Tuesday that it plans to sell $650 million
work of the company's stock, priced at $21.95 a share.
Cameco shares are up 8.3% for the year.
Westinghouse will be acquired from Brookfield Business Partners
LP, the entity that Brookfield Asset Management Inc. uses to
operate business services and industrial operations of its
private-equity group.
Shares of Brookfield Business Partners were up 5% to $19.59,
while shares of Brookfield Asset Management were down 1.5% at
$52.80.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
October 12, 2022 11:51 ET (15:51 GMT)
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