Exhibit 99.99
Form 51-102F4
BUSINESS ACQUISITION REPORT
Item 1 Identity of Company
1.1 |
Name and Address of Company |
Cameco Corporation (Cameco) is a corporation existing under the Canada Business Corporations Act. The head office of Cameco is
located at 2121 - 11th Street West, Saskatoon, Saskatchewan S7M 1J3.
The name of the executive officer of Cameco, who is knowledgeable about the significant acquisition and this Business Acquisition Report is as follows:
Sean Quinn
Senior
Vice-President, Chief Legal Officer, and Corporate Secretary
(306)-956-6200
Item 2 Details of Acquisition
2.1 |
Nature of Business Acquired |
On October 11, 2022, Cameco announced it entered into a strategic partnership with Brookfield Renewable Partners L.P., together with its institutional
partners (Brookfield Renewable), to acquire Westinghouse Electric Company (Westinghouse or WEC), a global provider of nuclear services, from Brookfield Business Partners L.P. and its institutional partners (the
Acquisition).
The Acquisition closed on November 7, 2023, following which Cameco owns a 49% interest and Brookfield Renewables
owns the remaining 51% in Westinghouse. The Acquisition is described in further detail in Camecos prospectus supplement dated October 12, 2022 (Prospectus), and material change report dated October 18, 2022, each
of which is available on Camecos issuer profile on SEDAR at www.sedarplus.ca.
The total enterprise value of US$7.9 billion was adjusted
for working capital balances at the close, resulting in a final enterprise value of US$8.2 billion. Westinghouse has US$3.8 billion in outstanding debt commitments, for which it maintains responsibility after closing and which reduces the
equity cost of the Acquisition.
To finance Camecos 49% share of the purchase price, equaling US$2.1 billion, Cameco used US$1.5 billion
of cash and drew the full amount of both US$300 million tranches of the term loan put in place concurrently with the execution of the agreement applicable to the Acquisition (the Acquisition Agreement), and which mature two
years and three years from the date of close. The US$280 million bridge commitment that Cameco secured concurrently with the Acquisition Agreement was not required to complete the transaction and has been terminated.
Westinghouse is a nuclear reactor technology original equipment manufacturer (OEM) and provider of highly technical aftermarket products
and services including fuel, maintenance, instrumentation and control, and advanced nuclear plant designs to commercial nuclear power infrastructure and government agencies globally. WEC benefits from long-term customer relationships with a
predictable revenue and cash flow profile. WEC has a long history servicing nuclear reactors globally, including a significant proportion of the plants for which it is the OEM. Additional information concerning Westinghouse and its business is
included in the Prospectus and the section of the Prospectus titled Business of Westinghouse is incorporated by reference into this Business Acquisition Report. The Prospectus is available on Camecos issuer profile on SEDAR
at www.sedarplus.ca.