On October 16, 2026, Centrus Energy Corp. entered into a Membership Interest Purchase Agreement to acquire 100% of the issued and outstanding membership interests of Westerman Holdings, LLC. The transaction was completed on the same date, with Westerman becoming a wholly owned subsidiary of Centrus.
The aggregate purchase price for the acquisition was approximately $116.0 million. This amount was paid through a combination of approximately $95.0 million in cash and $21.0 million in shares of Centrus Energy’s Class A common stock. The number of shares issued was determined based on the closing price of the Common Stock on October 15, 2026.
In connection with the closing, Centrus paid approximately $31.5 million to satisfy subordinated notes previously issued by Westerman and approximately $12.7 million to repay a term loan facility. Additionally, the company paid approximately $10.5 million toward transaction expenses. The final purchase price is subject to a customary cash adjustment based on the Closing Net Working Capital.
Westerman is an equipment manufacturing and engineering firm focused on the energy sector. The company was founded in 1909 and employs approximately 400 people across four facilities located in Ohio, Oklahoma, and Wyoming. Westerman serves a diverse portfolio of customers, including Centrus, and provides products for the nuclear, oil and gas, and industrial markets.
Barclays served as the financial advisor to Centrus, and Wachtell, Lipton, Rosen & Katz served as legal counsel. Following the acquisition, Jacob Garrett, the CEO of Westerman, will transition to the role of President of Westerman and become a Vice President of Centrus Energy.
