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1/4/2018, 5:51 PM (Source: TeleTrader)
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Brookfield buys Westinghouse from Toshiba

Brookfield Business Partners LP announced on Thursday that it agreed to acquire 100% of bankrupt Westinghouse Electric Co. Llc for $4.6 billion from Toshiba Corp. The nuclear services company will be bought off with $1 billion in equity and $3 billion of long-term debt financing, the statement said. The acquisition is set to finalize in the third quarter of 2018, it added. Brookfield also committed to fund approximately 50% of the equity on closing using existing liquidity.

''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,'' said Cyrus Madon, CEO of Brookfield Business Partners.

Westinghouse filed for bankruptcy last March after its projects for nuclear reactors in Georgia and South Carolina suffered delays and excessive costs.

Breaking the News / NI