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CMA Launches Probe into $7.9B Deal Between Cameco and Brookfield Renewable

By  |  August 2, 2023
CMA

The Competition and Markets Authority (CMA) in Britain has launched an investigation into the $7.9 billion deal between Cameco Corp and Brookfield Renewable Partners to acquire Westinghouse Electric. The deal, announced in October last year, was made due to an uptick in interest in nuclear power amid an energy crisis in Europe and soaring crude oil and natural gas prices.

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    Cameco stated in an email to Reuters “This is part of the standard regulatory approval process for transactions of this nature” and that they expect the deal to be finalized before the end of the year. The CMA has asked for comments from any interested parties on the deal.

    Related: UK’s CMA Increasingly Hostile to Business, Says INEOS Chair

    It’s yet unclear how the inquiry may affect the deal, however, the soaring prices for crude oil and natural gas has sparked renewed interest in nuclear power sources. Meanwhile, this deal is seen as essential for the switch from carbon-based fuels to green energy, coming at a time where countries are aiming to move towards cleaner sources of energy.

    The CMA investigation has therefore become a pivotal moment for the deal, as it brings the possibility for a switch to green energy one step closer. Whether the deal will be approved or denied is yet to be seen, however the option of a switch to greener power sources is now up for discussion.

    Source: Reuters