Fluor-Backed NuScale To Go Public Via SPAC Deal

Fluor Corp (NYSE:FLR) backed NuScale Power, LLC, plans to go public via a merger with Spring Valley Acquisition Corp (NASDAQ:SV).
The combined company will be named NuScale Power Corporation, have an estimated Pro-forma enterprise value of ~$1.9 billion, and be listed under the ticker symbol "SMR" upon closing.
Fluor has invested more than $600 million in NuScale Power since 2011. Upon completing the transaction, Fluor projects to own 60% of the combined company.
NuScale expects up to $413 million in gross proceeds and intends to accelerate the commercialization of its small modular reactor (SMR) technology.
The transaction includes $181 million oversubscribed, fully committed PIPE anchored by Samsung C&T Corporation, DS Private Equity, Segra Capital Management, with participation by Spring Valley's sponsor, Pearl Energy.
The transaction is anticipated to close in the first half of 2022.
NuScale foresees being cash flow positive by 2024.
Price Action: FLR shares are trading higher by 5.45% at $24.78 and SV higher by 1.11% at $10.06 on the last check Tuesday.