Brookfield acquires Westinghouse Electric for $5.75bn

By zaymalz malz

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.

See also:

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.

Share

Featured Articles

Rise of the Chief Information Security Officer (CISO)

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

UAE building cybersecurity fortress for a safer world

Exclusive: His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on bold plans to build the world’s most secure digital society

The future of cybersecurity must be built on the basics

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the future of cybersecurity

10 of the best speakers at Procurement & Supply Chain LIVE

Leadership & Strategy

10 apps to support staff on World Mental Health Day

Leadership & Strategy

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Leadership & Strategy