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Brookfield Buying Westinghouse Unit

The $4.6-billion agreement occurs some nine months after billions in cost overruns on nuclear construction projects pushed Westinghouse to file for Chapter 11 protection.

By Paul Bubny | Updated on January 04, 2018

Construction of nuclear reactor Westinghouse’s construction on the Vogtle nuclear facility in Georgia is proceeding after state officials voted to continue it. (Photo: Georgia Power)

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.”

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