Cameco purchases nuclear fuel products firm

Canadian-based uranium producer Cameco (NYSE: CCJ) said it has signed an agreement with Advent International to purchase NUKEM Energy GmbH (NUKEM), a trader and broker of nuclear fuel products and services.

Under the agreement, Cameco will pay Advent and other shareholders $136 million on closing subject to certain adjustments. The agreement is subject to regulatory approvals and is expected to close in the fourth quarter of 2012.

NUKEM has been involved in the nuclear energy industry for more than 50 years. In 2011, NUKEM’s sales were about 12 million pounds of uranium and they expect to sell 10 million to 15 million pounds in 2012.

Following closing, NUKEM will continue to operate as an independent company.

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