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

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

Brookfield Renewable Partners (“Brookfield Renewable”), along with its institutional partners and Cameco Corporation (“Cameco”), announced on October 11, 2022 that 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.

Richard Hall

Brookfield Renewable and its institutional investors will control 51% of Westinghouse, while Cameco will own 49%. The existing debt structure of Westinghouse will stay in place, leaving the consortium with an anticipated $4.5 billion equity cost, subject to closing modifications. Brookfield and its institutional partners (about $2.3 billion) and Cameco (roughly $2.2 billion) will share this equity cost proportionally. Brookfield Renewable is represented by Cravath in relation to the transaction.

The Cravath team is led by partners Richard Hall, David J. Perkins, and Matthew L. Ploszek and is comprised of 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

Brookfield Renewable and Cameco’s $7.875 Billion Acquisition of Westinghouse | Cravath, Swaine & Moore LLP

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