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Westinghouse Electric Acquired for $4.6 Billion
12 January 2018, 09:08 | Cesar Cruz
Westinghouse to be acquired for £3.4bn
The acquisition "reaffirms our position as the leader of the global nuclear industry", Westinghouse CEO José Emeterio Gutiérrez said in a statement.
Toshiba's struggling nuclear unit, Westinghouse Electric, is to be purchased by a Canadian company in a deal valued at $4.6bn (£3.4bn). Toshiba did not immediately respond to requests for comment.
The offer from publicly-traded Brookfield Business Partners includes unnamed institutional partners and the assumption of pension, environmental and other obligations, according to the statement - no cash is involved.
Since then, reports have surfaced that President Donald Trump's administration is encouraging Saudi Arabia to consider bids by Westinghouse and other USA companies to build reactors - a politically controversial bid considering previous US agreements prohibited the enrichment of uranium.
The firm received orders for the construction of 4 nuclear plants.
The deal won't include what had been the company's most prized projects - plans to build its AP1000 reactors for US utilities in SC and Georgia.
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Last year, Brookfield Asset Management acquired control of two owners of renewable energy projects, TerraForm Global and TerraForm Power, from SunEdison, which had filed for Chapter 11.
The lead utility behind the V.C. Summer project, Scana Corp, agreed on Wednesday to a $7.9 billion takeover bid from Dominion Energy Inc.
Brookfield Business Partners L.P. Limited Partnership Units (NYSE:BBU) had its price target raised by equities researchers at Credit Suisse Group to $3.15 in a research report issued to clients and investors on Friday.
Westinghouse has joined a consortium bidding to provide nuclear power in Saudi Arabia, one of the biggest new markets in the world.
The Japanese conglomerate first revealed plans to sell Westinghouse late past year, after heavy delays to two of its nuclear projects drove the troubled engineering group to file for Chapter 11 bankruptcy.
Toshiba stock rose about 2% in Tokyo following the news of the Westinghouse deal. Brookfield Business Partners, formed in 2016, is the listed affiliate of Brookfield's private equity group.
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