Westinghouse Prepares for IPO, Targeting a $50 Billion Valuation

[Financial News] Westinghouse Electric, a nuclear power company in which South Korea is negotiating to acquire a stake, is reportedly targeting a valuation of more than $50 billion (approximately 67.8 trillion won) through an initial public offering (IPO) in the U.S. market.
Industry sources and foreign media reported on the 19th (local time) that Westinghouse plans to file official IPO documents as early as October.
Westinghouse was acquired by Toshiba for $5.4 billion in 2006. It filed for bankruptcy in 2017 after construction costs soared at the Vogtle nuclear plant in Georgia, U.S., and was sold in 2023 to Brookfield Renewable Partners, which took a 51% stake, and Cameco, which acquired the remaining 49%.
Compared with its acquisition in 2023 at a valuation of approximately $8 billion, the company's valuation has increased more than sixfold in three years.
Founded in 1886 by inventor George Westinghouse, Westinghouse is a longstanding company known for building the world's first commercial pressurized water reactor (PWR) in Shippingport, Pennsylvania, in 1957. This reactor design remains the dominant type used in nuclear power plants around the world.
The company has more than 12,500 employees in 21 countries worldwide.
The U.S. Army announced last August that it had selected five companies, including Westinghouse, to build, own, and operate power plants.
Cameco, Westinghouse's majority shareholder, said in an earnings release that Westinghouse's nuclear technology is used in 57% of the 417 reactors worldwide.
Westinghouse filed a confidential preliminary IPO filing in July.
Sources added that specific details, including the timing of the IPO, could change.
The IPO is being led by Citigroup and Goldman Sachs, while Canadian Imperial Bank of Commerce (CIBC), JPMorgan Chase, and Royal Bank of Canada (RBC) are also participating in the listing process.  


[email protected] Lee Seok-woo, international affairs specialist Reporter