Why Nuclear M&A Requires A Different Playbook

Canada’s nuclear industry is entering a period of growth that will reshape the sector for decades. With major new reactor builds underway and governments positioning nuclear power as a cornerstone of the energy transition, the industry is expanding rapidly beyond utilities and reactor operators to include a broad ecosystem of technology vendors, engineering firms, specialized manufacturers, isotope producers, private equity firms, and consulting companies. For buyers and investors, the implications are significant: mispricing risk, delayed closings, or failed transactions where nuclear-specific issues are identified too late.

Ontario sits at the centre of this shift. Ontario Power Generation’s Darlington SMR project, one of the most significant nuclear construction programs currently underway in the Western world, and plans for large-scale new nuclear development at its Wesleyville site, are expected to channel billions of dollars into the domestic supply chain and anchor a new