Brookfield-led group to buy Westinghouse Electric for US$4.6 billion

Toshiba sold its prized chip unit last year after Westinghouse filed for bankruptcy Wikimedia Commons

Westinghouse boss José Emeterio Gutiérrez said the acquisition "reaffirms our position as the leader of the global nuclear industry".

An affiliate of Canadian alternative investment firm Brookfield Asset Management said this week it would acquire Westinghouse Electric Co LLC, the bankrupt nuclear services company owned by Toshiba Corp, for US$4.6 billion ($5.7 billion), Reuters reported. Toshiba did not immediately respond to requests for comment.

The acquisition by Brookfield Business Partners LP on Thursday comes one day after an agreement tying up loose ends from two failed nuclear reactors in SC.

The company, which is buying Westinghouse through its private equity unit Brookfield Business Partners, will fund the deal with $3 billion in debt and $1 billion in stocks, and it will also assume Westinghouse's pension and environmental commitments.

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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.

Westinghouse runs the Springfields factory at Salwick which produces fuel for reactors at power stations.

The deal excludes the two projects which helped bring down the company founded by George Westinghouse in 1866: plans to build four of its AP1000 reactors for USA utilities in SC and Georgia.

Now Westinghouse has been sold for $4.6 billion to provate equity fund Brookfield Businees Partners.

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The deal won't include what had been the company's most prized projects - plans to build its AP1000 reactors for USA utilities in SC and Georgia.

Westinghouse Electric Co. declared bankruptcy protection early past year, leaving a number of nuclear projects in limbo.

South Carolina Electric & Gas Co. abandoned construction reactors at the V.C. Summer Nuclear Station. Bringing Westinghouse out of bankruptcy could help close a proposed deal for six of the company's new AP1000 reactors in India. Citigroup initiated coverage on shares of Brookfield Business Partners L.P. Limited Partnership Units in a research report on Wednesday, December 20th. Get your FREE trial to Buyouts!

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