Why Fluor Stock Jumped Nearly 10% in Early Trading Today
Shares of engineering and construction giant Fluor (NYSE: FLR) rose nearly 10% at one point in the first hour of trading on Dec. 14. The big news really wasn't directly related to Fluor, however, as it was NuScale Power that had agreed to be bought by a blank check company. Here are the top-level details and why Fluor's stock jumped on the deal.
Essentially, NuScale Power is going public, using the special-purpose acquisition company (SPAC) route to avoid what would likely be a more time-consuming and complicated initial public offering (IPO). Spring Valley Acquisition (NASDAQ: SV), which barely moved on the news, is the buyer, with the deal expected to close in the first half of 2022. The combined company, which will be called NuScale Power after the deal is consummated, is expected to have an enterprise value of $1.9 billion.
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Source Fool.com
