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.