Brookfield Business Partners, together with institutional partners, has entered into an agreement to acquire 100% of Westinghouse Electric Co., a global provider of infrastructure services to the power generation industry, from Toshiba Corp. The Westinghouse name remains one of the best-known brands in the electrical industry, although the company is no longer active in the distribution, control and switchgear markets where it made its mark in the electrical wholesaling industry for decades. The company's primary focus under Toshiba has been in the nuclear power industry.
The Brookfield Business Partners’ press release said 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.
“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,” said Cyrus Madon, CEO of Brookfield Business Partners in the release. “We look forward to bringing our significant expertise and reputation as a long-term owner and operator of critical infrastructure in the U.S. and globally, as well as our deep facilities management capabilities, to enhance the company’s position as a leading global infrastructure services provider to the power generation industry.”