SASKATOON – Shares of Cameco Corp. rose more than 20 per cent after the company and Brookfield Asset Management Ltd. announced a partnership agreement with the U.S. government to help build nuclear reactors in the United States.
Under the deal, the U.S. government will arrange financing and facilitate the permitting and approvals for at least US$80 billion worth of new Westinghouse nuclear reactors in the U.S.
Brookfield and Cameco acquired Westinghouse in November 2023.
“We expect that the new build commitments from the U.S. will bolster broader confidence in the durable growth profile for nuclear power, and support increased demand for Westinghouse’s and Cameco’s products, services and technologies,” Cameco chief executive Tim Gitzel said in a statement.
“This new partnership highlights the role that Westinghouse’s reactor technologies, based on fully designed, licensed and operating reactors, are expected to play in the planned expansion of nuclear capacity and diversification of global nuclear supply chains.”
Cameco shares were up C$25.36 at C$146.62 in trading on the Toronto Stock Exchange, while Brookfield Asset Management class A shares gained C$1.50 at C$77.91.
U.S. Commerce Secretary Howard Lutnick said the government is focused on ensuring the rapid development, deployment, and use of advanced nuclear technologies.
“This historic partnership supports our national security objectives and enhances our critical infrastructure,” he said in a statement.
The partnership agreement will see the U.S. government receive a participation interest, which, once vested, will entitle it to 20 per cent of any cash distributions in excess of US$17.5 billion made by Westinghouse after its granting.
For the participation interest to vest, the U.S. government must make a final investment decision and enter into definitive agreements to complete the construction of at least US$80 billion in new Westinghouse nuclear reactors in the U.S.
The U.S. government will also be entitled under certain circumstances to convert the participation interest into a warrant to buy shares in an initial public offering by Westinghouse equivalent to 20 per cent of the public value of the company at the time after deducting US$17.5 billion.
This report by The Canadian Press was first published Oct. 28, 2025.
Companies in this story: (TSX:CCO, TSX:BAM, TSX:BN)
