Fluor to monetize remaining NuScale stake through 2026

Fluor Corporation (NYSE: FLR) and NuScale Power Corporation (NYSE: SMR) announced an agreement for the conversion and monetization of Fluor's remaining stake in NuScale, according to a press release statement.

Under the agreement, Fluor will convert its remaining Class B units of NuScale Power, LLC into Class A common stock shares of NuScale. The company will then begin a structured monetization of shares subject to mutually agreed volume restrictions designed to preserve NuScale's equity value during the process. Fluor expects to complete the monetization by the end of the second quarter of 2026.

As part of the exchange, Fluor agreed to vote in favor of NuScale's anticipated increase to its authorized share count and to reduce its economic rights under the tax receivable agreement. Fluor also agreed to waive certain claims relating to its commercial arrangements with NuScale.

The parties established limitations on NuScale's equity issuances through February 2026, intended to align interests and maintain market stability while both companies access capital markets.

"We're proud of our successful investment in NuScale and the past and prospective value generated for Fluor shareholders," said Jim Breuer, Chief Executive Officer of Fluor. "Over the past several quarters, we engaged with NuScale to reach an efficient and equitable outcome that helps capture significant value for our shareholders."

John Hopkins, President and Chief Executive Officer of NuScale Power, stated: "Fluor's support over the past 14 years has been instrumental in positioning NuScale as a leader in advanced nuclear technology. This transaction marks a natural evolution of our relationship and underscores NuScale's readiness to move forward, focused on delivering our SMR technology to the market."

The agreement follows extensive dialogue between Fluor and NuScale, including discussions with NuScale's Special Committee of its Board of Directors.

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