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Brookfield Business Partners to buy Westinghouse for $4.6 billion

12 January 2018, 09:07 | Melvin Schneider

Brookfield Business Partners to buy Westinghouse for $4.6 billion

Brookfield Business Partners to buy Westinghouse for $4.6 billion

Finally, Hillsdale Investment Management Inc. acquired a new position in Brookfield Business Partners L.P. Limited Partnership Units in the 2nd quarter worth $4,207,000.

The effect of the deal on the Westinghouse business in the United Kingdom is yet to become clear but Brookfield has a track record of investing in and developing "long-life, high quality assets". Brookfield Business Partners said it will fund roughly half of the equity on closing using existing funds and may syndicate some of the investment to other institutional investors at a later date.

Brookfield says that the deal will be financed with US$1bn of equity, US$3bn of long-term debt financing and the balance by the assumption of pension, environmental and other operating obligations. Toshiba did not immediately respond to requests for comment. Brookfield also agreed to buy significant assets in the wind and solar energy industry that had been ensnared in SunEdison Inc.'s bankruptcy.

The Japanese company later announced in November that it was exploring alternatives to sell the USA -based company.

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Brookfield Business Partners LP will acquire 100 percent of Westinghouse Electric Co., the provider of infrastructure to the energy industry that filed for bankruptcy in March, including debtors and debtors-in-possession.

India and the U.S. announced the proposed deal between Westinghouse and state-owned NPCIL for the construction of six AP 1000 reactors in Andhra Pradesh in 2016, but following the Toshiba Corporation's decision to pull out of the nuclear power plant sector, Westinghouse Electric Company's India plan had run into uncertainty.

One of Westinghouse's unfinished US projects, known as Vogtle in Georgia, will continue with Southern Co. replacing the company as the project manager. In South Carolina, owner Scana Corp. made a decision to abandon the new reactors, sparking a political backlash that prompted federal and state investigations. Since acquiring Westinghouse in 2006, Toshiba's taken a $6.3B write-down on its 4 nuclear reactors, thanks to complications with construction that put projects over budget and over-deadline.

Created to be safer than reactors of old, the Westinghouse AP1000 design was supposed to revive an industry plagued by the accident at Three Mile Island in 1979.



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