Cameco (CCJ,CCO.TO) has signed an agreement with Advent International to acquire NUKEM Energy GmbH. Pursuant to the deal, Cameco would pay Advent and other shareholders 105 million euros or $136 million on closing subject to certain adjustments. Cameco said it would receive benefits of owning NUKEM and the obligation for the company's net debt of 127 million euros or $164 million as of January 1, 2012.
As a result of cash generated from its ongoing business activities, NUKEM is expected to significantly reduce the balance of its debt prior to closing. Also, the deal includes provisions that would provide Advent with a share of NUKEM's future earnings under certain conditions until the end of 2014. The agreement may close in the fourth quarter of 2012.
In 2011, NUKEM's sales were nearly 12 million pounds of uranium and they expect to sell 10 million to 15 million pounds in 2012. The company's assets include uncommitted inventory and a portfolio of purchase and sales contracts including some 4.5 million pounds of uranium that remains available to NUKEM under the HEU commercial deal through 2013.
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