Toshiba sells troubled Westinghouse after costs jump at U.S. nuclear reactor sites

Toshiba sells troubled Westinghouse after costs jump at U.S. nuclear reactor sites

Toshiba sells troubled Westinghouse after costs jump at U.S. nuclear reactor sites

The Japanese conglomerate is selling Westinghouse, its beleaguered USA nuclear unit, for $4.6 billion to Canadian investment firm Brookfield Business Partners, the companies said.

It's Brookfield Business Partners' biggest deal so far, and is expected to close in the third quarter this year.

Now Westinghouse has been sold for $4.6 billion to provate equity fund Brookfield Businees Partners.

Westinghouse said Thursday that the deal with Brookfield doesn't involve cash, but includes the assumption of a number of pension, environmental and operating obligations.

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"The decision to sell Westinghouse is good news for creditors, as well as our company", Toshiba said Friday.

Representatives for Blackstone and Apollo weren't immediately available for comment.

Cyrus Madon, chief executive of Brookfield Business Partners, said: "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".

Since then, reports have surfaced that President Donald Trump's administration is encouraging Saudi Arabia to consider bids by Westinghouse and other USA companies to build reactors - a politically controversial bid considering previous US agreements prohibited the enrichment of uranium. But rising costs and other factors led to the bankruptcy filing last March.

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Brookfield won an auction to propose the best possible offer for the company, and has a plan to reorganize its bankrupt USA assets as well, a person familiar with the offer told Bloomberg.

One of Westinghouse's unfinished USA projects, known as Vogtle in Georgia, will continue with Southern Co. replacing the company as the project manager.

Shares in Toshiba closed at a two-month high on Friday after the Japanese electronics group sold Westinghouse, its United States nuclear engineering business. Throughout the process, Westinghouse will continue to operate in the ordinary course of business under its existing senior management. In past days, Dominion Energy Inc. has offered to buy Scana. Westinghouse Electric declared its bankruptcy in March a year ago.

Toshiba bought Westinghouse in 2006 for over $5bn, but due to decline in the oil and renewable energy prices, the business lost its profitability.

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