Mandate

Vinge has advised Cameco in connection with its USD 7.8bn acquisition of Westinghouse Electric Company

October 18, 2022

Vinge, alongside Covington & Burling LLP, has advised Cameco Corporation in their acquisition of Westinghouse Electric Company in a deal valued at USD 7.875 billion. Cameco together with Brookfield Renewable Partners will acquire all shares in Westinghouse Electric Company and upon completion Cameco will beneficially own a 49% interest and Brookfield Renewable, with its institutional partners, will beneficially own a 51% interest.

Westinghouse has been active in the energy industry for over a century and today Westinghouse is an industry leader providing mission-critical and specialized technologies, products and services used in the nuclear energy sector. In Sweden, Westinghouse mainly operates through Westinghouse Electric Sweden AB and has around 800 employees in Sweden and an annual Swedish revenue of over SEK 3.0 billion. 

Cameco is one of the largest global providers of fuel used for nuclear energy, with extensive uranium mining and milling operations, as well as refining and conversion facilities and CANDU fuel fabrication for heavy water reactors.

Brookfield Renewable operates one of the largest publicly traded, pure-play renewable power platforms and is among the world’s largest investors in clean energy and transition assets, with approximately 125,000 MW of operating and development capacity worldwide.

Completion is subject to customary regulatory approvals.

The Vinge team, led by Peter Sundgren (M&A) and Johan Cederblad (Environmental and Nuclear Regulations), included Per Kling, Gustav Wahlberg and Robin Fagerström (M&A), Sara Strandberg (Employment), Stojan Arnerstål, Rebecka Målquist, Arvid Axelryd (IP), Hedvig Ekdahl and Mario Saad (Corporate Commercial), Anders Leissner and Victoria Gunnerek (International Trade) and Tove Tullberg (Compliance). In addition, Daniel Wendelsson, Sebastian Örndahl and Victoria Fredén is advising Cameco in connection with merger- and FDI filing.

Vinge authors the Swedish contribution regarding tax disputes for The Legal 500

International companies run the risk of the erroneous management of tax issues when conducting operations in several jurisdictions. In such event, disputes can arise with the relevant tax authorities. The Legal 500 has now introduced a dedicated chapter on tax disputes in its comparative guide for the first time and Ulrika Bengtsson, advokat and counsel, has been selected to provide a clear picture of the Swedish tax litigation system.
November 09, 2022

The wide reach of the prohibition against circumventing EU sanctions

Against the background of Russia’s invasion of Ukraine, the EU has imposed a number of sanctions, which include a prohibition for companies within the EU to take certain measures in relation to Russia, as well as designated Russian people and entities on the sanction lists. Furthermore, a prohibition to circumvent the sanctions has been introduced in order to ensure that the sanctions are effective also in practice. When it comes to this circumvention prohibition, it is important to be aware of its wide interpretation, as established by the Court of Justice of the European Union and the European Commission.
October 31, 2022

Sanctions update 14 October

Further to our previous sanctions updates of 25 February, 3 March, 11 March, 16 March , 14 April and June 8 and 22 July, we herewith provide a further update of recent sanctions developments following Russia’s war against Ukraine:
October 14, 2022