Brookfield to buy Westinghouse Electric for $4.6 bln
Brookfield to buy Westinghouse Electric for $4.6 bln
Canadian fund to buy Westinghouse
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.
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.
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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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The formula is calculated by looking at companies that have a high earnings yield as well as a high return on invested capital. Following the transaction, the insider now owns 17,563 shares of the company's stock, valued at approximately $3,424,785.
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