Sunday, 21 January, 2018

Brookfield to buy Westinghouse Electric for $4.6 bln

Toshiba Nuclear Division Canadian fund to buy Westinghouse
Laurie Berry | 12 January, 2018, 21:07

Westinghouse boss José Emeterio Gutiérrez said the acquisition "reaffirms our position as the leader of the global nuclear industry".

And, as the only U.S. company granted permits for new nuclear power plants since the Three Mile Island mishap, Westinghouse is a major gatekeeper to the industry - if they can get their sh*t together. Toshiba did not immediately respond to requests for comment. Mackenzie Financial Corp lifted its position in shares of Brookfield Business Partners L.P. Limited Partnership Units by 7.9% during the third quarter.

The company, which is buying Westinghouse through its private equity unit Brookfield Business Partners, will fund the deal with $3 billion in debt and $1 billion in stocks, and it will also assume Westinghouse's pension and environmental commitments.

Plagued by project delays and cost overruns that came up to US$6 billion for two large-scale projects in the United States, Westinghouse filed for Chapter 11 bankruptcy protection last March.

Westinghouse runs the Springfields factory at Salwick which produces fuel for reactors at power stations. The vehicle was created in 2016, shortly after Brookfield Capital Partners IV, the Toronto investor's fourth mid-market PE fund, was closed at US$4 billion.

Good news for Mohamed Salah before Man City
Salah who played in all of the Reds' league games last month notched five goals with three assists to his name. He has responded well to treatment, and as it stands is in line to be available at the weekend.

Despite problems with two USA nuclear projects, Brookfield says the company is a leader in providing nuclear infrastructure and operates within a complex regulatory and licensing environment requiring depth of expertise and capability.

Construction of new nuclear power plants globally has dropped to the lowest level in a decade following renewed safety concerns after the Fukushima disaster in Japan in 2011.

Westinghouse filed for bankruptcy protection in the USA last March and was largely responsible for Toshiba's subsequent decision to sell a number of key assets, including its highly-prized memory chip division.

One of Westinghouse's unfinished USA projects, known as Vogtle in Georgia, will continue with Southern Co. replacing the company as the project manager. A deal proposed Wednesday could mean $1.3 billion in refunds for utility customers affected by the failed project.

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