Westinghouse Electric Co., the U.S. nuclear unit of Japan-based Toshiba, has been acquired in a deal valued at approximately $4.6 billion.
The buyer is Brookfield Business Partners.
Westinghouse Electric Co. declared bankruptcy protection early last year.
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.
“Brookfield’s acquisition of Westinghouse reaffirms our position as the leader of the global nuclear industry,” said José Emeterio Gutiérrez, Westinghouse president & CEO. “Our transformation and strategic restructuring process is creating a stronger, stable, and more streamlined global Westinghouse business, for the benefit of our customers and employees.”
The deal is expected to close in the third quarter of 2018 and is subject to the approval of Westinghouse's bankruptcy judge.
The acquisition by Brookfield follows Westinghouse’s two failed nuclear reactors in South Carolina.
