The private equity group of Brookfield Asset Management has closed its acquisition of Westinghouse Electric Co LLC, a Pittsburgh-based provider of nuclear power plant products and services.
The deal, announced in January, reflected a purchase price of US$4.6 billion. Brookfield bought Westinghouse from Chapter 11 as a reorganized company. The prior owner was Toshiba Corp.
Westinghouse reportedly went bankrupt in 2017 after a foray into nuclear plant construction projects.
In March, Brookfield Senior Managing Partner Cyrus Madon told Buyouts and PE Hub Canada that Westinghouse’s focus on its “core services business” would be restored following the deal’s close.
Westinghouse Sale to Brookfield Complete
CRANBERRY TOWNSHIP, Pa. — Westinghouse Electric Company, the global leader in nuclear technology, fuels and services, today announced the completion of its previously announced sale to Brookfield Business Partners L.P. (NYSE:BBU) (TSX:BBU.UN) together with institutional partners (collectively, “Brookfield”) and emergence from Chapter 11 as a reorganized company. Announced on Jan. 4, 2018, the transaction was closed and became effective today.
“The close of this transaction marks an exciting milestone for Westinghouse as we have successfully emerged from Chapter 11, and continue to navigate a significant transformation that positions us for long-term sustainable success. With the support of Brookfield, Westinghouse will continue to build on its legacy of leading the nuclear industry. Our focus is on strengthening the business, capitalizing on our global footprint and excelling in client service and innovation,” said Westinghouse President & CEO José Emeterio Gutiérrez.
Westinghouse Electric Company is the world’s pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 in Shippingport, Pa., U.S. Today, Westinghouse technology is the basis for approximately one-half of the world’s operating nuclear plants.
Brookfield Business Partners is a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs. Brookfield Business Partners is listed on the New York and Toronto stock exchanges. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.
Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. (NYSE:BAM) (TSX:BAM.A) (EURONEXT:BAMA), a leading global alternative asset manager with approximately $285 billion of assets under management, of which approximately $150 billion are in the U.S. For more information, please visit our website at https://bbu.brookfield.com.
Westinghouse Electric Company
Sarah Cassella, +1 412-374-4744
Manager, External Communications