Fylde nuclear fuel plant gets new owner in $4.6bn deal
Fylde nuclear fuel plant gets new owner in $4.6bn deal
Toshiba sold its prized chip unit last year after Westinghouse filed for bankruptcy Wikimedia Commons
12 January, 2018, 22:04
The comment followed the announcement that Canadian investment fund Brookfield Business Partners plans to purchase Westinghouse for $4.6 billion. 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 deal would 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.
Brookfield Business Partners of Toronto has shelled out $4.6bn to acquire substantially all of the global business of Westinghouse Electric Company. The project went billions of dollars over budget, and Westinghouse filed for bankruptcy in March to escape the contracts.
The company's January 4 announcement said the $4.6 billion purchase price "for substantially all of the global business of Westinghouse Electric Company LLC and its affiliated debtors and debtors-in-possession excludes cash, but includes the assumption of certain pension, environmental and other operating obligations".
One of Westinghouse's unfinished USA projects, known as Vogtle in Georgia, will continue with Southern Co. replacing the company as the project manager.
So why is Brookfield buying?
In South Carolina, owner Scana Corp. made a decision to abandon the new reactors, sparking a political backlash that prompted federal and state investigations. Instead, delays and overruns led to troubles that left Westinghouse's former parent, Toshiba Corp., fighting for survival past year after writing down the value of the unit by billions.
Only a day before, India's Minister of Atomic Energy and Space, Dr Jitendra Singh had informed the Parliament about the government's decision to go ahead with the proposed deal despite the uncertainty surrounding the ownership of Westinghouse that filed for bankruptcy a year ago following the Japanese Toshiba Corporation's decision to pull out of the nuclear power plant sector.
Toshiba bought Westinghouse in 2006 for over $5bn, but due to decline in the oil and renewable energy prices, the business lost its profitability.
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