XML 88 R15.htm IDEA: XBRL DOCUMENT v3.25.1
Acquisition
12 Months Ended
Dec. 31, 2024
Acquisition [Abstract]  
Acquisition
6.
 
Acquisition
A.
 
Westinghouse Electric Company (Westinghouse)
On November 7, 2023, Cameco acquired a
49
% interest in Westinghouse, one of the world’s largest nuclear services
businesses, in partnership with Brookfield Asset Management alongside its publicly listed affiliate Brookfield Renewable
Partners (Brookfield) and its institutional partners. Brookfield, with its institutional partners, owns the other
51
%. The
acquisition represents an investment in additional nuclear fuel cycle assets that the Company expects will augment the core of
its business.
During the year, the purchase price was finalized with amounts released from escrow, resulting in Cameco’s share
 
of the
purchase price being reduced by $
6,063,000
 
($
4,434,000
 
US)). To finance its
49
% share of the purchase price,
$
2,938,998,000
 
($
2,135,871,000
 
(US)), Cameco used a combination of cash, debt and equity. The Company used
$
2,113,398,000
 
($
1,535,871,000
 
(US)) of cash and $
825,600,000
 
($
600,000,000
 
(US)) in term loans (see note 14). In 2022,
Cameco had issued
34,057,250
 
common shares pursuant to a public offering to help fund the acquisition.
 
The purchase price was allocated to the underlying assets and liabilities assumed based on their fair values at the date of
acquisition. During the fourth quarter, the measurement period ended and the purchase price allocation was finalized.
Including insignificant measurement period adjustments, the final values assigned to Cameco’s share of the net assets
acquired were as follows:
USD
CAD
Preliminary
Final
Final
 
Net assets acquired
allocation
Adjustments
allocation
allocation
 
Cash and cash equivalents
$
254,800
$
1,124
$
255,924
$
352,151
Other current assets
938,413
12,187
950,600
1,308,026
Property, plant and equipment
787,278
10,249
797,527
1,097,397
Intangible assets
2,852,780
(13,230)
2,839,550
3,907,221
Goodwill
568,631
9,059
577,690
794,940
Non-current assets
346,891
83
346,974
477,437
Current portion of long-term debt
(167,886)
(557)
(168,443)
(231,777)
Other current liabilities
(996,735)
(19,137)
(1,015,872)
(1,397,840)
Long-term debt
(1,686,607)
(2,971)
(1,689,578)
(2,324,860)
Other non-current liabilities
(757,260)
(1,241)
(758,501)
(1,043,697)
Total
$
2,140,305
$
(4,434)
$
2,135,871
$
2,938,998
Cash
1,540,305
(4,434)
1,535,871
2,113,398
Term
 
loans [note 14]
600,000
-
600,000
825,600
Total
$
2,140,305
$
(4,434)
$
2,135,871
$
2,938,998
Fair values were determined using a number of different valuation methodologies depending on the characteristics of the
assets being valued. Methods included discounted cash flows, relief from royalty and multi-period excess earnings, quoted
market prices and the direct cost method.
 
Intangible assets include customer relationships and contracts, developed technology, the Westinghouse
 
trade name and
product development costs. Goodwill reflects the value assigned to the expected future earnings capabilities of the
organization. This is the earnings potential that we anticipate will be realized through new business arrangements.