Brookfield Business Partners together with institutional partners has entered into an agreement to acquire 100% of Westinghouse for a purchase price of approximately US$4.6bn (拢3.4bn).
鈥淲estinghouse 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,鈥� said Cyrus Madon , CEO of Brookfield Business Partners. 鈥淲e look forward to bringing our significant expertise and reputation as a long-term owner and operator of critical infrastructure in the US and globally, as well as our deep facilities management capabilities, to enhance the company鈥檚 position as a leading global infrastructure services provider to the power generation industry.鈥�
Westinghouse supplies infrastructure services to nuclear power generating facilities, providing engineering, maintenance, facilities management and repair services to its global customer base.
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Brookfield said that the majority of the company鈥檚 profitability is delivered through regularly scheduled services which are provided under long-term contracts. It said that Westinghouse鈥檚 core business has generated stable margins and consistent free cash flow.
Closing of the transaction remains subject to Bankruptcy Court approval and customary closing conditions including, among others, regulatory approvals. The closure is expected to occur in the third quarter of 2018.
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