The New Shareholding Will Further Strengthen Westinghouse’s Growth as a Leader in the Clean Energy Sector
Cranberry Township, PA, November 7, 2023 – As announced earlier today, a consortium comprised of Brookfield Asset Management (NYSE: BAM, TSX: BAM), and alongside its publicly listed affiliate Brookfield Renewable Partners (NYSE: BEP; TSX: BEP.UN) and its institutional partners (“Brookfield”), and Cameco (NYSE: CCJ; TSX: CCO) completed its acquisition of Westinghouse Electric Company.
The sale to Brookfield and Cameco cements the significant role that Westinghouse plays in enabling the world’s clean and secure energy goals and will further support Westinghouse’s development and growth. Brookfield’s global leadership across carbon-free energy technologies further positions Westinghouse and nuclear power in the clean energy transition worldwide. Cameco brings deep experience in the front-end fuel cycle, complementing Westinghouse’s robust capabilities in fabrication and services, and further enhancing security of nuclear fuel supply globally.
“This new era of Westinghouse builds upon the strong foundation established with the previous owners, which have been exceptional supporters and stewards of Westinghouse in its repositioning,” says Patrick Fragman, President and Chief Executive Officer of Westinghouse. “As we look to the future, Westinghouse is strategically positioned with Brookfield and Cameco to leverage expertise in our respective areas to better serve our customers and achieve a carbon-free future.”
Brookfield owns a 51 percent interest in Westinghouse and Cameco owns a 49 percent interest. Brookfield is pursuing this opportunity through the Brookfield Global Transition Fund I (“BGTF I”), which is the largest fund in the world focused on the clean energy transition.