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Brookfield to Acquire Westinghouse

  • By Admin
  • January 5, 2018
  • 22 Views

Brookfield Business Partners L.P.  announced yesterday that it has entered into an agreement to acquire 100% of Westinghouse Electric Company.

The transaction provides for a purchase price of approximately $4.6 billion, expected to be funded with approximately $1 billion of equity, approximately $3 billion of long-term debt financing and the balance by the assumption of certain pension, environmental and other operating obligations.

“Brookfield’s acquisition of Westinghouse reaffirms our position as the leader of the global nuclear industry,” said Westinghouse President & CEO José Emeterio Gutiérrez. “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.”

Brookfield’s acquisition of Westinghouse is expected to close in the third quarter of 2018, subject to Bankruptcy Court approval and customary closing conditions including, among others, regulatory approvals. Throughout the process, Westinghouse will continue to operate in the ordinary course of business under its existing senior management.

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