NuScale Power and Spring Valley Acquisition Corporation announced completion of their merger and will operate as NuScale Power Corporation, with stock shares trading on the New York Stock Exchange under the ticker symbols "SMR" and "SMR WS." The new company is expected to have an enterprise value of approximately $1.9 billion. The merger provides significant capital for NuScale Power Corp. to scale and accelerate the commercialization of its advanced small modular reactor technology. As a result of the merger, NuScale received proceeds of approximately $380 million, prior to transaction expenses, which includes $235 million from investors, including DS Private Equity, Nucor, Sail-ingStone Capital Partners, Samsung C&T Corporation, and Segra Capital Management, with participation by Spring Valley's sponsor, which is backed by Pearl Energy Investment Management. Existing strategic investors in NuScale, including Fluor, Doosan Enerbility, Samsung C&T Corporation, JGC Holdings Corporation, IHI Corporation, Japan Bank for International Cooperation, Enercon Services, GS Energy, Sarens, and Sargent & Lundy, have rolled 100 percent of their equity into the newly formed company. Fluor will continue to hold a majority interest and will provide NuScale with engineering services, project management, and administrative and supply chain support. NuScale will continue to be led by John Hopkins as president and chief executive officer alongside an executive team including Chris Colbert as chief financial officer, Jose N. Reyes as chief technology officer, and Dale Atkinson as chief operating officer and chief nuclear officer.
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