Merger Update: Brookfield / Cameco / Westinghouse

START OF CMA MERGER INVESTIGATION:

Anticipated joint venture by Brookfield Corporation and Cameco Corporation to acquire Westinghouse Electric Company

The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

The CMA announced the launch of its merger inquiry by notice to the Parties on 14 September 2023 and the initial period defined in section 34ZA(3) of the Act in relation to the Merger will therefore commence on the first working day after the date of this notice, i.e. on 15 September 2023. The deadline for the CMA to announce its decision whether to refer the Merger for a Phase 2 investigation is therefore 9 November 2023.