Canadian uranium miner Cameco has acquired Westinghouse Electric Co. in a strategic partnership with Brookfield Asset Management for $4.29 billion. Cameco now owns a 49% interest and Brookfield owns the remaining 51% in Westinghouse, one of the world’s largest nuclear services businesses.

“This is a historic day for Cameco as we join Brookfield to complete our purchase of Westinghouse,” said Tim Gitzel, president and CEO of Cameco. “Since first announcing this deal a year ago, we believe the business prospects for Westinghouse have significantly improved. The sustained and positive momentum for nuclear energy has been undeniable as countries and companies around the world strive to meet their net-zero commitments and growing energy needs through clean and secure supply.

Westinghouse is a nuclear reactor technology original equipment manufacturer (OEM) and a leading provider of highly technical aftermarket products and services. It provides critical engineering for design of nuclear power plants and analysis of operating plants. In addition to its core business, Westinghouse is involved in the design, development, engineering and procurement of equipment for new AP1000 plant projects and is also active in the design and development of next-generation nuclear technologies, including its AP300 SMR and eVinci microreactor.