Cameco and Brookfield Receive Regulatory Approval to Acquire Westinghouse
November 03 2023 - 8:28AM
Business Wire
Cameco (TSX: CCO; NYSE: CCJ) is pleased to announce that
our joint acquisition of Westinghouse Electric Company with
Brookfield Asset Management alongside its publicly listed affiliate
Brookfield Renewable Partners and institutional partners has now
received all required regulatory approvals. Cameco anticipates the
transaction will close on or about November 7, subject to the
satisfaction of all other customary closing conditions.
Cameco plans to finance our share of the acquisition utilizing
the full amount of our $600 million (US) term loan, which will be
drawn down at closing, along with available cash. We will not be
utilizing the $280 million (US) bridge commitment that we secured
concurrently with the acquisition agreement, and that commitment
will be terminated.
The joint acquisition was previously announced on October 11,
2022.
Profile
Cameco is one of the largest global providers of the uranium
fuel needed to energize a clean-air world. Our competitive position
is based on our controlling ownership of the world’s largest
high-grade reserves and low-cost operations. Utilities around the
world rely on our nuclear fuel products to generate safe, reliable,
carbon-free nuclear power. Our shares trade on the Toronto and New
York stock exchanges. Our head office is in Saskatoon,
Saskatchewan, Canada.
Caution Regarding Forward-Looking Information and
Statements
This news release includes statements and information about our
expectations for the future, which we refer to as forward-looking
information. Forward-looking information is based on our current
views, which can change significantly, and actual results and
events may be significantly different from what we currently
expect. Examples of forward-looking information contained in this
news release include statements regarding the timing of the closing
of the Westinghouse acquisition; plans to draw on our term loan and
our use of cash to finance the acquisition; and the termination of
the bridge commitment. Material risks that could lead to different
results include the risk that the Westinghouse acquisition may be
delayed or may not be completed on the terms in the acquisition
agreement or at all; and that the closing conditions to which the
acquisition is subject may not be satisfied on a timely basis or at
all. In presenting this forward-looking information, we have made
assumptions which may prove incorrect about the timing of the
satisfaction of closing conditions and the closing of the
acquisition on the anticipated timeline. Other material risks and
assumptions associated with Cameco’s business are described in
greater detail in Cameco’s current annual information form and its
most recent annual and subsequent quarterly MD&A.
Forward-looking information is designed to help you understand
management’s current views of our near-term and longer-term
prospects, and it may not be appropriate for other purposes. We
will not necessarily update this information unless we are required
to by securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20231102082783/en/
Investor inquiries: Rachelle Girard 306-956-6403
rachelle_girard@cameco.com
Media inquiries: Veronica Baker 306-385-5541
veronica_baker@cameco.com
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