Toshiba shares close at 2-month high after Westinghouse sale

Toshiba shares close at 2-month high after Westinghouse sale

Brookfield Business Partners, the private equity division of Toronto-based Brookfield Asset Management has made a decision to buy Westinghouse Electric along with nuclear unit's obligations of paying pension and fulfilling environmental commitments.

The acquisition by Brookfield Business Partners LP on Thursday comes one day after an agreement tying up loose ends from two failed nuclear reactors in SC.

The deal is expected to be funded with approximately $1bn of equity, $3bn of long-term debt financing and the balance by the assumption of pension, environmental obligations.

"Westinghouse is a high-quality business that has established itself as a leader in its field, with a long-term customer base and a reputation for innovation", Cyrus Madon, CEO of Brookfield Business Partners, said in a Thursday statement announcing the deal. Toshiba did not immediately respond to requests for comment. The project went billions of dollars over budget, and Westinghouse filed for bankruptcy in March to escape the contracts.

Since then, reports have surfaced that President Donald Trump's administration is encouraging Saudi Arabia to consider bids by Westinghouse and other USA companies to build reactors - a politically controversial bid considering previous US agreements prohibited the enrichment of uranium.

Schneider said he was surprised that Brookfield acquired Westinghouse, given that the company has no other nuclear businesses.

One of Westinghouse's unfinished USA projects, known as Vogtle in Georgia, will continue with Southern Co. replacing the company as the project manager. Hillsdale Investment Management Inc. raised its stake in shares of Brookfield Business Partners L.P. Limited Partnership Units by 3.9% during the third quarter. In past days, Dominion Energy Inc. has offered to buy Scana.

Westinghouse supplies nuclear fuel and other services to 80% of the world's 450 commercial reactors -.two business lines which generated combined cash flow of $403 million on revenue of about $3.1 billion.

Toshiba has been majority owner of Westinghouse Electric since 2006 and achieved full ownership past year by buying a minority shareholder's 10 per cent stake for about US$522 million.

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