BROOKFIELD TO ACQUIRE WESTINGHOUSE ELECTRIC COMPANY

January 06, 2018

Brookfield Business Partners, together with institutional partners announced today that it has entered into an agreement to acquire 100% of Westinghouse Electric Company, a leading global provider of infrastructure services to the power generation industry, which is currently owned by Toshiba Corp.
The transaction provides for a purchase price of approximately $4.6 billion, expected to be funded with approximately $1 billion of equity, approximately $3 billion of long-term debt financing and the balance by the assumption of certain pension, environmental and other operating obligations.
“Westinghouse is a high-quality business that has established itself as a leader in its field, with a long-term customer base and a reputation for innovation,” said Cyrus Madon , CEO of Brookfield Business Partners. “We look forward to bringing our significant expertise and reputation as a long-term owner and operator of critical infrastructure in the U.S. and globally, as well as our deep facilities management capabilities, to enhance the Company’s position as a leading global infrastructure services provider to the power generation industry.”
Westinghouse based in Pennsylvania is among the world’s leading suppliers of infrastructure services to nuclear power generating facilities.
On March 24, 2017, parent company Toshiba announced that Westinghouse Electric Company would file for Chapter 11 bankruptcy because of US$9 billion of losses from nuclear reactor construction projects. (Source and image: Westinghouse – Sanmen NPP with Westinghouse AP 1000 reactor, China)