Cameco Completes NUKEM Acquisition
SASKATOON, SASKATCHEWAN -- (Marketwire) -- 01/09/13 --
ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED)
Cameco (TSX:CCO) (NYSE:CCJ) announced today that it has obtained all
required regulatory approvals and completed the acquisition of NUKEM
Energy GmbH (NUKEM), one of the world's leading traders and brokers
of nuclear fuel products and services.
Under the terms of the agreement, Cameco paid a total of EUR107
million ($140 million (US)) on closing to Advent International and
other shareholders to acquire NUKEM. Cameco also assumed NUKEM's net
debt which has been reduced to about EUR84 million ($111 million
(US)) since the transaction was announced in May 2012.
Under the earn-out provisions in the agreement, Cameco will pay
Advent a share of NUKEM's 2012 earnings. The earn-out payment will be
calculated based on NUKEM's 2012 audited financial statements. An
additional payment may be required in 2015 depending on results
achieved in 2013 and 2014.
NUKEM has been involved in the nuclear energy industry for more than
50 years and has developed strong relationships with customers and
suppliers involved in the fuel cycle. Key NUKEM personnel have
committed to remain with the company and NUKEM will continue to
operate as an independent entity.
Cameco, with its head office in Saskatoon, Saskatchewan, is one of
the world's largest uranium producers. The company's uranium products
are used to generate electricity in nuclear energy plants around the
world, providing one of the cleanest sources of energy available
today. Cameco's shares trade on the Toronto and New York stock
As used in this news release, "Cameco" or the "company" means Cameco
Corporation, a Canadian corporation and its subsidiaries and
affiliates unless stated otherwise.
Press spacebar to pause and continue. Press esc to stop.