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Fluor Rises As NuScale Power Agrees on SPAC Deal -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Fluor Corporation shares rose 9.9% on Tuesday, after NuScale Energy agreed to merge with Fluor Corporation. Spring Valley Acquisition Corp (NASDAQ:).

SPAC (also known as blank check companies) is a publicly traded shell company which aims to combine with an unlisted entity to make it public. Fluor, a major shareholder of NuScale, is affected by the news. Spring Valley Acquisition shares have increased by around 1 percent since the announcement. 

This deal is expected close in 2022’s first half. NuScale Power Corporation will become the combined company, with an enterprise worth $1.9 billion.

NuScale can use the proceeds to accelerate and boost its SMR technology’s commercialization. The proceeds include a $181 million private investment in public equity (PIPE) anchored by Samsung (KS:) C&T Corporation, DS Private Equity, Segra Capital Management and Pearl Energy.

Fluor will continue to hold approximately 60% of the combined business, which is good news for Fluor shareholders. NuScale also stated that Fluor would remain a valued partner, providing services such as engineering, project management and support for supply chains.

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