Brookfield affiliate to buy Westinghouse for $4.6 billion
Brookfield Business Partners says that it and institutional partners would use $1 billion of equity and $3 billion of long-term debt financing to buy Westinghouse Electric
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Wilmington: An affiliate of Canada’s Brookfield Asset Management Inc. plans to acquire Westinghouse Electric Co. Llc, the bankrupt nuclear services company owned by Toshiba Corp., for $4.6 billion.
Brookfield Business Partners LP , whose New York-listed shares rose 3.3%, said in a statement on Thursday that it and institutional partners would use $1 billion of equity and $3 billion of long-term debt financing to buy the Pittsburgh-based business.
The deal is expected to close in the third quarter.
Westinghouse has said it is aiming to exit bankruptcy as soon as March, which would allow Toshiba to book tax benefits in the current fiscal year.
“Brookfield’s acquisition of Westinghouse reaffirms our position as the leader of the global nuclear industry," said Westinghouse chief executive officer José Emeterio Gutiérrez.
Brookfield Business Partners was an investor in the bankrupt power producer that emerged from Chapter 11 and became Vistra Energy Corp., and it remains a major shareholder in the Texas company. Reuters
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