BROOKFIELD, NEWS, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Brookfield Business Partners (NYSE:BBUC, BBU, TSX:BBUC, BBU.UN))))), together with its institutional partners (collectively "Brookfield"), today announced an agreement to sell its nuclear technology services operation, Westinghouse Electric Company ("Westinghouse"), to a strategic consortium led by Cameco Corporation and Brookfield Renewable Partners (the "Consortium") for a total enterprise value of approximately $8 billion (the "transaction") including proceeds from the disposition of a non-core asset expected to be received prior to closing the transaction.

Westinghouse is a global leader in providing mission critical technologies, products and services to the nuclear power industry. The business was acquired by Brookfield out of bankruptcy in 2018. Since its acquisition, Brookfield appointed a new world-class management team and successfully repositioned the business by strengthening the organizational structure, refocusing its product and service offerings, optimizing the global supply chain and investing in new technology.

Westinghouse's profitability has nearly doubled under Brookfield's ownership, and today the business is ideally positioned to benefit from strong industry tailwinds driven by increased recognition of nuclear power as a reliable source of clean energy to achieve global decarbonization goals.

"We are pleased to have reached an agreement to sell Westinghouse that crystalizes meaningful value for our investors and provides significant proceeds to support our continued growth," said Cyrus Madon, CEO of Brookfield Business Partners. "We have significantly enhanced the business' operations over the past four years, increasing its margins and strengthening its global leadership position. Westinghouse is an exceptionally well-run business today and has a great future."

When combined with distributions received to date, Brookfield's expected proceeds will equate to approximately 6 times its invested capital, a 60% IRR and $4.5 billion of total profit. Brookfield Business Partners expects to generate approximately $1.8 billion in proceeds from the sale of its 44% stake in Westinghouse, with the balance distributed to institutional partners.