IPO Announcement
Westinghouse Electric Co., a nuclear reactor technology provider jointly owned by Brookfield Renewable Partners and Cameco Corp., is preparing a U.S. initial public offering that aims for a valuation exceeding $50 billion. The company intends to file the prospectus as early as October, although the exact timeline and offering details remain subject to change.
The underwriting syndicate is led by Citigroup Inc. and Goldman Sachs Group Inc., with Canadian Imperial Bank of Commerce, JPMorgan Chase & Co., and Royal Bank of Canada also participating in the transaction.
Westinghouse employs more than 12,500 employees across 21 countries. Its nuclear power technology is used in 57 % of the world’s 417 operational reactors, and the firm reports a pipeline of up to 91 opportunities for its latest‑generation reactor design, according to Cameco’s earnings release.
Cameco Corp. acquired a 49 % stake in Westinghouse in 2023 at an approximate valuation of $8 billion. Following the IPO news, Cameco’s U.S. shares rose as much as 3.6 % before partially giving back the gains.