Brookfield-led group to buy Westinghouse for US$4.6B

The Canadian Press</span>
Published Thursday, January 4, 2018 9:47AM EST
Last Updated Thursday, January 4, 2018 10:08AM EST

TORONTO -- Brookfield Business Partners LP and its partners will pay US$4.6 billion to buy Westinghouse Electric Co. from Toshiba Corp. in a deal announced Thursday.

Westinghouse is among the world's leading infrastructure suppliers to nuclear power generating facilities but, had been operating under U.S. bankruptcy court protection until recently.

Brookfield Business Partners (TSX:BBU.UN) says the acquisition will enhance its position as a leading global infrastructure services provider to the power generation industry.

It expects to fund the transaction through a combination of US$1 billion of equity, $3 billion of long-term debt and the assumption of pension, environmental and other operating obligations

Brookfield Business Partners is a publicly traded affiliate of Toronto-based Brookfield Asset Management (TSX:BAM.A), which has investments in a wide range of business segments including real estate and power generation.

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