Brookfield Business Partners together with institutional partners will acquire U.S. nuclear energy firm, Westinghouse Electric Company, the global nuclear technology, fuel and services company for approximately $4.6 billion, according to the company on Thursday.
The company said the purchase price for substantially all of the Westinghouse Electric Company's global business, the bankrupt nuclear services company owned by Toshiba Corp., and its affiliated debtors and debtors-in-possession excludes cash, but includes the assumption of certain pension, environmental and other operating obligations.
According to the company, Brookfield's acquisition is expected to close in the third quarter of 2018, subject to bankruptcy court approval and customary closing conditions including, among others, regulatory approvals.
'Our transformation and strategic restructuring process is creating a stronger, stable, and more streamlined global Westinghouse business, for the benefit of our customers and employees,' Westinghouse President Jose Emeterio Gutierrez was quoted as saying.
Throughout the process, the company will continue to operate its ordinary course of business under its existing senior management, the company said.
By Huseyin Erdogan
Anadolu Agency
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