Cranberry Township, PA, USA, November 7, 2023 – As announced earlier today, a joint team consisting of Brookfield Asset Management, its publicly traded affiliate Brookfield Renewable Energy Public, and its partners and Cameco Corporation completed the acquisition of Westinghouse Electric Company.

Westinghouse Electric Company has 250 factories in 26 countries and regions around the world, with 125,000 employees, 135,000 shareholders and annual sales of 10.7 billion US dollars (1986). Its main business areas involve power generation equipment, transmission and transformation equipment, electrical equipment and electrical control equipment, electronic products and other categories of more than 4,000 products. Among them, the power generation equipment, transmission and transformation equipment is especially characteristic, since the establishment of the company, has enjoyed a world reputation.

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Brookfield and Cameco’s acquisition of Westinghouse not only solidifies Westinghouse’s critical role in making the world’s energy clean and secure, but will also further promote Westinghouse’s growth. Brookfield’s global leadership in zero-carbon energy technologies will further strengthen Westinghouse and nuclear power’s position in the global clean energy transition. Cameco’s extensive experience in the front end of the nuclear fuel cycle complements Westinghouse’s manufacturing and service capabilities to enhance global nuclear fuel supply security.

Patrick Fragman, President and Chief Executive Officer of Westinghouse Electric, said: “Our previous owners have laid a strong foundation for the new era Westinghouse is about to embark on. They have been outstanding supporters and managers in the process of repositioning the company. Going forward, Westinghouse is strategically positioned with Brookfield and Cameco to leverage our expertise in their respective areas to better serve our customers for a carbon-free future.”

Westinghouse is 51% owned by Brookfield and 49% owned by Cameco. Brookfield completed the acquisition through Brookfield Global Transformation Fund I (” BGTF I “), the world’s largest fund focused on the clean energy transition.