TORONTO—Brookfield Asset Management's Brookfield Business Partners unit said Thursday that it would acquire Westinghouse Electric Co., the nuclear power business that filed for Chapter 11 protection last March 29. The $4.6-billion acquisition from Toshiba is expected to be funded with a combination of $1 billion in equity, a portion of which may later be syndicated; approximately $3 billion of long-term debt financing; and 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,” says 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 US 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.”

Brookfield notes that the majority of Westinghouse's profitability stems from regularly scheduled services under long-term contracts. Its core business has generated stable margins and consistent free cash flow.