Cranberry-based nuclear power company Westinghouse acquired by 2 Canadian companies

Westinghouse Electric Company, one of the largest nuclear power companies in the world, will be acquired by a Canadian consortium.

Cameco Corp. and Brookfield Renewable Partners formed a partnership to acquire the Cranberry Township-headquartered company, which is valued at $7.8 billion.

Westinghouse President and CEO Patrick Fragman said the acquisition begins an “exciting new chapter” for both Westinghouse and nuclear power.

“We are proud to join Brookfield Renewable and Cameco, reaffirming the important role played by Westinghouse and nuclear power in enabling the world’s clean energy transition and energy security goals,” Fragman said in a news release.

Cameco, a Saskatchewan-based uranium mining company, will own a 49% interest in Westinghouse, while Brookfield Renewable, an Ontario-based renewable energy company, will own 51%.

Cameco officials said they expect the acquisition will “create a powerful platform for strategic growth across the nuclear sector.”

“We’re witnessing some of the best market fundamentals we’ve ever seen in the nuclear energy sector,” said Cameco President and CEO Tim Gitzel in a news release.

Company leaders anticipate the acquisition will close late next year.

This acquisition comes four years after Brookfield Business Partners, an affiliate of Canadian asset manager Brookfield, acquired Westinghouse from Toshiba for $4.6 billion.

In 1999, the Westinghouse Electric Co. spun-off the Westinghouse Electric Corp., which merged with Viacom that year.

The nuclear power company was initially based in Monroeville, but moved its headquarters to Cranberry Township in 2009.

It employs about 9,000 people and offers nuclear products and services to utilities across the globe.

This story was updated to reflect the move from Monroeville to Cranberry Township in 2009.