Brookfield to buy Westinghouse Electric for $4.6 bln: Reuters
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. Brookfield Business Partners LP and institutional partners will buy the Pittsburgh-based business using US$1 billion of equity and US$3 billion of long-term debt financing, according to a statement. The deal is expected to close in the third quarter of 2018. Westinghouse filed for bankruptcy last March after two nuclear power plants it had designed and was constructing in the U.S. Southeast had gone billions of dollars over their fixed-cost contracts. Brookfield Business Partners, formed in 2016, is the listed affiliate of Brookfield's private equity group.
