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Cameco closes deal to buy Westinghouse Electric Company

Photo provided by Cameco

Cameco, the Saskatoon-based uranium company, announced on Nov. 3 that its joint acquisition of Westinghouse Electric Company with Brookfield Asset Management has received all required regulatory approvals.

The transaction is expected to close “close on or about November 7, subject to the satisfaction of all other customary closing conditions.” When the transaction is complete, Brookfield Renewable and other affiliates of Brookfield Asset Management Inc. will own a 51 per cent interest in Westinghouse with Cameco owning 49 per cent. The acquisition was first announced on Oct. 11, 2022.

On Oct. 31, Cameco reported its Q3 2023 results, reporting net earnings of $148 million and adjusted net earnings of $137 million. The company expects to earn between $2.43 billion and $2.58 billion in 2023, reporting a $500 million increase from its prior released guidance.

“Our third quarter financial performance continues to demonstrate the benefits of our strategic decisions and the significant, positive momentum we are experiencing in the nuclear energy industry. We have again increased our consolidated revenue outlook for 2023, which is driven by higher average realized prices as a result of substantial uranium spot price improvements. Gross profits have also improved as our uranium average unit cost of sales decreased from last year as we continue the transition back to our tier-one production cost structure,” said Tim Gitzel, Cameco’s president and CEO with the Q3 results release.