Fluor completed the sale of 15 million shares of its Class A common stock of NuScale Power on Oct. 9 which resulted in net proceeds of $605 million.
The completed sale of the stock was converted in August and reflects a gain of over 300% since NuScale, the small modular reactor company, went public in May 2022, according to Fluor’s Oct. 9 press release.
The sale was filed on the Securities and Exchange Commission (SEC) website on Oct. 8. Fluor said it intends to use a majority of the earnings from the sale to enhance its ongoing share repurchase program.
Fluor has had a longstanding investment in NuScale since 2011.
Despite the sale, the Irving, Texas-based Fluor will continue to own nearly 40% equity stake in the Corvallis, Ore.-based SMR developer NuScale. According to the release, Fluor will continue to obtain 111 million NuScale Class B units and associated NuScale Class B shares.
Class A and Class B shares are both types of common stock. While both share classes are similar Class A shares typically give more voting power than Class B shares.
Class B shares are typically referred to as common shares as they are typically more accessible to individual investors with its liquidity and affordability.
The company said it expects to use existing tax attributes to limit cash taxes arising from the sales.
Fluor will hold its third quarter results report on Nov. 7.