Brookfield Renewable and Cameco’s $7.875 Billion Acquisition of Westinghouse

On October 11, 2022, Brookfield Renewable Partners (“Brookfield Renewable”), together with its institutional partners and Cameco Corporation (“Cameco”), announced they are forming a strategic partnership (“the consortium”) to acquire Westinghouse Electric Company (“Westinghouse”), one of the world’s largest nuclear services businesses, for a total enterprise value of $7.875 billion.

Brookfield Renewable, with its institutional partners, will own a 51% interest in Westinghouse and Cameco will own 49%. Westinghouse’s existing debt structure will remain in place, leaving an estimated $4.5 billion equity cost to the consortium, subject to closing adjustments. This equity cost will be shared proportionately between Brookfield and its institutional partners (approximately $2.3 billion) and Cameco (approximately $2.2 billion). Cravath is representing Brookfield Renewable in connection with the transaction.

The Cravath team is led by partners Richard Hall, David J. Perkins and Matthew L. Ploszek and includes associates Adam M. Sanchez, Lavinia M. Borzi, and Glory P. James and foreign associate attorney Jesus Garcia Aparicio on M&A matters; partner Christopher K. Fargo and associates Leon B. Dalezman, Kyle R. Jorstad and Christopher M. Winters on tax matters; partner Matthew M. Kelly and associates Nicolas Thomson and Danielle N. Walling on financing matters; partner Jonathan J. Katz, senior attorney Sarah W. Colangelo and associate Cortez Johnson on executive compensation and benefits matters; partner David J. Kappos and associate Carys J. Webb on intellectual property matters; senior attorney Annmarie M. Terraciano on environmental matters; and senior attorney Joyce Law on real estate matters.