BROOKFIELD TO ACQUIRE WESTINGHOUSE ELECTRIC COMPANY
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)
- QATARENERGY TO INCREASE AL-SHAHEEN OIL PRODUCTION BY 100,000 BARRELS PER DAY 02nd February 2024
- MAJOR PIPELAY ACCIDENT OFF THE COAST OF WESTERN AUSTRALIA 01st February 2024
- LATIN AMERICA AND AFRICA WILL LEAD THE WAY IN HIGH-IMPACT EXPLORATION DRILLING 01st February 2024
- SLB AND EQUINOR DRILL LONGEST WELL SECTION IN AUTONOMOUS MODE 31st January 2024
- SHELL TURNS A PAGE OF HISTORY IN NIGERIA 18th January 2024