Benzinga | Dec 14, 2021 12:16PM EST

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.