Westinghouse said to seek over $50 billion valuation in planned IPO

Investing.com -- Westinghouse Electric Co. is pursuing a valuation exceeding $50 billion for its U.S. initial public offering, Bloomberg reported Friday citing people familiar with the plans.

The nuclear reactor technology provider, owned jointly by Brookfield Renewable Partners and Cameco Corp., aims to file publicly as soon as October, the people said. The offering's details and timeline remain subject to change.

Cameco's U.S. shares spiked as much as 3.6% higher following the report before giving back some of the gains.

Citigroup Inc. and Goldman Sachs Group Inc. are leading the IPO, the report said. Westinghouse announced in July it had filed confidentially for a listing.

Canadian Imperial Bank of Commerce, JPMorgan Chase & Co. and Royal Bank of Canada are reportedly also involved in the listing.

The company employs more than 12,500 people across 21 countries. Westinghouse's nuclear power technology serves 57% of the world's 417 nuclear reactors, and the company has a pipeline of up to 91 opportunities for its latest generation reactor, according to Cameco's earnings release.

Cameco acquired a 49% stake in Westinghouse in 2023 at approximately an $8 billion valuation.

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