Cameco Completes Acquisition of NUKEM

Cameco

announced today that it has obtained all required regulatory approvals and completed the acquisition of NUKEM Energy GmbH (NUKEM), one of the world's leading traders and brokers of nuclear fuel products and services.Under the terms of the agreement, Cameco paid a total of EUR107 million ($140 million (US)) on closing to Advent International and other shareholders to acquire NUKEM. Cameco also assumed NUKEM's net debt which has been reduced to about EUR84 million ($111 million (US)) since the transaction was announced in May 2012. Under the earn-out provisions in the agreement, Cameco will pay Advent a share of NUKEM's 2012 earnings. The earn-out payment will be calculated based on NUKEM's 2012 audited financial statements. An additional payment may be required in 2015 depending on results achieved in 2013 and 2014.NUKEM has been involved in the nuclear energy industry for more than 50 years and has developed strong relationships with customers and suppliers involved in the fuel cycle. Key NUKEM personnel have committed to remain with the company and NUKEM will continue to operate as an independent entity.ProfileCameco, with its head office