M&A Deal Summary

Cameco and Brookfield Renewable Partners Acquire Westinghouse Electric

On November 3, 2023, Cameco and Brookfield Renewable Partners acquired energy services and equipment company Westinghouse Electric from Brookfield Private Equity

Acquisition Highlights
  • This is Cameco’s 1st and Brookfield Renewable Partners’ 1st transaction in the Energy Services and Equipment sector.
  • This is Cameco’s 1st and Brookfield Renewable Partners’ 12th transaction in the United States.
  • This is Cameco’s 1st and Brookfield Renewable Partners’ 4th transaction in Pennsylvania.

M&A Deal Summary

Date 2023-11-03
Target Westinghouse Electric
Sector Energy Services and Equipment
Buyer(s) Cameco
Brookfield Renewable Partners
Sellers(s) Brookfield Private Equity
Deal Type Add-on Acquisition

Target

Westinghouse Electric

Cranberry Township, Pennsylvania, United States
website
Westinghouse Electric is providing nuclear energy technologies, products and services to utilities around the world. Its mission is to focus on a much broader goal; using the power of intellect, collaboration and innovation to build on the legacy of our founder, and to create a cleaner, safer and sustainable carbon-free future for generations to follow. Westinghouse Electric was founded in 1884 and is based in Cranberry Township, Pennsylvania.

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Buyer(S) 2

Buyer

Cameco

Saskatoon, Saskatchewan, Canada

website


Category Company
Founded 1987
Sector Oil/Gas Exploration
Revenue 1.9B USD (2022)
DESCRIPTION

Cameco is a uranium producers providing about 16% of the world's production from mines in Canada, the US and Kazakhstan. Company hold about 429 million pounds of proven and probable reserves, extensive resources and have focused our exploration programs on three continents. Cameco was founded in 1987 and is based in Saskatoon, Saskatchewan.


DEAL STATS #
Overall 2 of 2
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-10 Kintyre Project

Subiaco, Australia

Kintyre is located in the East Pilbara region of Western Australia, approximately 270km north-east of Newman and 90km south of Telfer, on the south-west margin of the Great Sandy Desert. The Kintyre tenements comprise four granted Mining Leases, four Mining Lease Applications, a Miscellaneous Licence and 12 Prospecting Licences, which together cover a total area of approximately 52 km2.

Buy $495M
Buyer

Brookfield Renewable Partners

Toronto, Ontario, Canada

website


Category Company
Founded 1999
Sector Renewable Energy
Employees3,000
Revenue 4.7B USD (2022)
DESCRIPTION

Brookfield Renewable Energy Partners pure-play renewable power platforms globally. Its portfolio is primarily hydroelectric and totals approximately 6,700 megawatts of installed capacity. Brookfield Renewable Energy Partners was founded in 1999 and is based in Toronto, Canada.


DEAL STATS #
Overall 16 of 16
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (Pennsylvania) 4 of 4
Country (United States) 12 of 12
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-26 Urban Grid

Stevensville, Maryland, United States

Urban Grid is a developer of utility-scale solar power plants. Urban Grid offers the development of approximately 646 MWp of solar projects and currently has more than 5,600 MWp of solar projects under development. Urban Grid Solar was founded in 2010 and is based in Stevensville, Maryland.

Buy $650M

Seller(S) 1

DESCRIPTION

Brookfield Private Equity is the private equity arm of global asset management firm, Brookfield Asset Management. Brookfield Private Equity looks to acquire and invest in a variety of North American and European companies with broad sector interest in business services, industrials, and residential real estate. In addition to acquiring companies, Brookfield looks to invest in businesses through the public debt and equity markets, or by providing financing. Brookfield Private Equity is based in Toronto.


DEAL STATS #
Overall 7 of 7
Sector (Energy Services and Equipment) 2 of 2
Type (Add-on Acquisition) 4 of 4
State (Pennsylvania) 1 of 1
Country (United States) 4 of 4
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-09 Network International Holdings

Dubai, United Arab Emirates

Network International comprises of a group of companies and is a leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technology-enabled payments solutions to merchants and financial institutions of all types and sizes, including acquiring and processing services and a comprehensive ever-evolving range of value-added services. Network International was founded in 1994 and is based in Dubai, United Arab Emirates.

Buy £2.2B