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Westinghouse antitrust investigation overview:
- Who: The Competition and Markets Authority says it is going to investigate a proposed $7.9 billion bid by Brookfield Renewable Partners LP and Cameco Corp. to purchase Westinghouse Electric Co.
- Why: The antitrust regulator says it wants to investigate whether a merger between the three companies could weaken competition.
- Where: The proposed merger involves companies based in Canada and the United States.
The Competition and Markets Authority (CMA) is set to investigate whether a bid by Cameco Corp. and Brookfield Renewable Partners LP to buy Westinghouse Electric Co. would weaken competition.
Cameco, a global supplier of uranium fuel for nuclear energy, and Brookfield, an owner of renewable power platforms, together bid $7.9 billion to buy Westinghouse, a nuclear power company, Law360 reports.
The CMA reportedly says it wants to investigate whether a merger between the three companies could result in a “substantial lessening of competition within any market or markets in the UK.”
It says it will make a decision on whether or not to upgrade its investigation to a more in-depth phase two probe, Law360 reports.
Brookfield would own 51% interest in Westinghouse, Cameco 49% under proposed deal
The CMA is reportedly launching its investigation after previously inviting anyone who was interested in the proposed deal to make a comment in August.
Cameco, which says it expects the deal to successfully close later this year, and Brookfield say they plan to form a partnership to buy Westinghouse in a deal that values the Pittsburgh-based company at $7.9 billion, Law360 reports.
Per the proposed deal, Brookfield would reportedly own a 51% interest in Westinghouse, while Cameco would own an interest in the remaining 49%.
Cameco and Brookfield, when explaining their decision back in October 2022, said they felt the deal would allow them to use nuclear power to help them reach net-zero emission targets, Law360 reports.
In another case involving antitrust concerns, last month, Microsoft submitted a new version of its proposed $68.7 million bid to acquire Activision Blizzard to the CMA, vowing it will not take over Activision’s cloud streaming games for 15 years.
Do you believe the proposed deal between Cameco, Brookfield and Westinghouse would weaken competition? Let us know in the comments!
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