WASHINGTON (dpa-AFX) - Fluor Corporation (FLR), engaged in engineering and construction business, on Monday announced that Japan Bank for International Cooperation (JBIC), has purchased a preferred equity position in NuScale Power, LLC, (NuScale) for $110 million from Fluor and other existing NuScale investors. The transaction is based on an approximate $1.9 billion equity valuation for NuScale.
The purchase is through Japan NuScale Innovation, LLC, a special purpose investment entity that also includes JGC Holdings Corporation (JGC) and IHI Corporation (IHI).
Following the sale and the currently pending merger of NuScale with Spring Valley Acquisition Corporation, Japan NuScale Innovation, LLC, is expected to hold approximately 8 to 9 percent of NuScale. Fluor would continue to hold a majority interest in NuScale and assist in achieving full commercialization and perform work to advance the Carbon Free Power Project in Idaho.
The strategic investment by JBIC, together with previous Japanese investments by JGC and IHI, is seen as a validation of the successful 11-year, $1.3 billion private-public partnership of Fluor, NuScale and the U.S. Department of Energy.
Shares of Fluor Corporation are currently trading in pre-market at $29.53, up $0.17 or 0.58 percent from the previous close.
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