Brookfield acquires Westinghouse Electric for $5.75bn
Brookfield Business Partners, an arm of Canada’s largest asset management company, Brookfield Asset Management, has agreed to purchase nuclear energy company Westinghouse Electric in a deal worth approximately USD$4.6bn (CAD$5.75bn).
The company, previously owned by Toshiba, filed for bankruptcy last year, putting a large financial burden on the Japanese technology giant.
The transaction will be funded through a combination of USD$1bn of equity and USD$3bn in a long-term debt financing program in order to take control of 100% of the struggling business.
“Brookfield’s acquisition of Westinghouse reaffirms our position as the leader of the global nuclear industry,” said Westinghouse President & CEO José Emeterio Gutiérrez.
“Our transformation and strategic restructuring process is creating a stronger, stable, and more streamlined global Westinghouse business, for the benefit of our customers and employees.”
The acquisition, if approved by the Bankruptcy Court, is expected to close in the third quarter of 2018.