Covington Represents Cameco in Acquisition of Westinghouse Electric Company

Covington Represents Cameco in Acquisition of Westinghouse Electric Company

October 11, 2022

NEW YORK—Covington advised Cameco Corporation in its strategic partnership with Brookfield Renewable Partners, together with its institutional partners, to acquire Westinghouse Electric Company in a deal valued at $7.875 billion, with an estimated $4.5 billion equity cost shared proportionately among the acquiring partners, subject to closing adjustments.

Cameco will beneficially own a 49% interest in Westinghouse and Brookfield Renewable, with its institutional partners, will beneficially own a 51% interest.

Cameco is one of the largest global suppliers of uranium fuel for nuclear energy, with extensive uranium mining and milling operations, as well as refining and conversion facilities and CANDU fuel fabrication for heavy water reactors.

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 24,000 MW of installed capacity and an approximately 100,000 MW development pipeline.

Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear technologies to utilities globally. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world’s operating nuclear plants.

The Covington team was led by Donald Ross, J. D. Weinberg, Patrick Manchester, and Bradford McCormick (M&A), Charles Carroll (Due Diligence), Kerry Burke, and Matthew Franker (capital markets), Peter Schwartz (debt financing), and Daniel Luchsinger (tax), together with others, in a team of close to 100 lawyers.