Fluor (FLR) Completes Sale of NuScale (SMR) Stake for $2.43 Billion

AI Summary

Fluor (FLR) completed the sale of its 126 million shares in NuScale Power (SMR), generating gross proceeds of $2.43 billion from an initial investment of $570 million. This sale, which realized a 326% return, allows Fluor to reduce its debt and support a $1.4 billion share repurchase program. Fluor's transition from a majority owner to a preferred EPC partner enables it to earn service fees without the volatility associated with equity ownership. The company is also seeking additional opportunities in conventional nuclear and small modular reactor projects in partnership with technology providers.