CCJ - Brookfield Renewable Stock Fell This Week But There's Good News
2023-08-04 15:26:00 ET
After holding up pretty well through July, shares of Brookfield Renewable Partners (NYSE: BEP) are feeling the heat this month. Units of the partnership fell 9% at its lowest point in trading this week, and although shares were gaining some ground Friday after earnings, the renewable energy stock was still down about 8% through noon Friday, according to data provided by S&P Global Market Intelligence .
Brookfield Renewable stock took a hit this week after Reuters reported the company is being probed by Britain's competition regulator for its upcoming Westinghouse Electric acquisition in partnership with uranium company Cameco (NYSE: CCJ) . Brookfield Renewable and Cameco struck a deal to acquire the nuclear services giant for $7.9 billion last year and expect to close the acquisition this year. Reuters, however, said Britain's Competition and Markets Authority is investigating the deal and has sought "comments" from the potential acquirers.
Brookfield Renewable expects to pay $750 million for the deal for a 17% stake in Westinghouse. Together with its institutional partners though, Brookfield Renewable will own a 51% interest in the nuclear services company, while Cameco will own the remaining share. The deal is expected to give Brookfield Renewable significant headway into the nuclear energy industry, Nuclear is considered to be a clean energy source and currently accounts for almost 10% of the electricity generated globally, according to the International Energy Agency.
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Brookfield Renewable Stock Fell This Week, But There's Good News