A proposed initial public offering of Westinghouse Electric Company common stock has moved a step closer, with the nuclear services giant confidentially submitting a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission.
Cameco Corp. (TSX: CCO) (NYSE: CCJ) holds a 49 per cent stake in the business, while the remaining 51 per cent sits with Brookfield Renewable Partners. Neither the number of shares to be offered nor a price range has been determined at this stage, and any transaction will depend on market and other conditions.
Under SEC rules governing a filing in registration, disclosure is tightly constrained. Cameco chief executive Tim Gitzel described the company as “extremely limited” in what it could say about the offering.
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The two owners took control of Westinghouse through a strategic partnership in a 2023 transaction that valued the company at an enterprise value of roughly US$8 billion. Before that, Brookfield Business Partners had rescued the business out of bankruptcy in 2018.
Roughly 57 per cent of the 417 reactors operating worldwide run on Westinghouse technology, a platform whose lineage traces back to the world’s first commercial pressurised water reactor, delivered in 1957 at Shippingport, Pennsylvania.
Ahead lies a pipeline of 91 potential AP1000 reactors totalling some 105 GWe. Among them are up to 10 US units backed by American Nuclear Supply Chain Loans from the Department of Energy, a further 10 US units linked to a partnership with the Department of Commerce, the restart of the two-unit VC Summer project, three units in Poland, plus additional work in Bulgaria, Ukraine and elsewhere.
Overnight capital costs run US$20 billion to US$26 billion for near-term deployments, easing toward US$14 billion to US$17 billion as standardised builds mature.
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