- Fluor will convert its Class B units into Class A common stock of NuScale.
- Monetization of shares is expected to complete by Q2 2026.
- Fluor agrees to vote for NuScale's share count increase and reduce economic rights under the tax agreement.
- NuScale's equity issuances are limited through February 2026.
Agreement Overview
Fluor Corporation and NuScale Power Corporation have reached an agreement for Fluor to convert its remaining Class B units in NuScale into Class A common stock. This conversion will be followed by a structured monetization of shares, with certain volume restrictions to maintain NuScale's equity value.
Monetization Timeline
Fluor aims to complete the monetization process by the end of the second quarter of 2026. The agreement includes mutual terms to ensure market stability and align interests as both companies access capital markets.
Additional Terms
Fluor has agreed to support an increase in NuScale's authorized share count and to reduce its economic rights under the tax receivable agreement. Additionally, Fluor will waive certain claims related to its commercial arrangements with NuScale.
Equity Issuance Limitations
The agreement imposes limitations on NuScale's equity issuances through February 2026, aiming to align interests and ensure market stability during this period.
