Canadian fund to buy Westinghouse

Toshiba was brought to its knees by delays and costs in building two reactors at the Vogtle plant in Georgia

Westinghouse filed for bankruptcy protection in the U.S. last March and was largely responsible for Toshiba's subsequent decision to sell a number of key assets, including its highly-prized memory chip division.

Despite problems with two USA nuclear projects, Brookfield says the company is a leader in providing nuclear infrastructure and operates within a complex regulatory and licensing environment requiring depth of expertise and capability. But rising costs and other factors led to the bankruptcy filing last March.

Brookfield said that Westinghouse had a firm position in the market and is expecting the purchase to bring more success to the company.

Cyrus Madon, chief executive of Brookfield Business Partners, said: "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".

The collapse of Westinghouse cost Toshiba some $6.4 billion, forcing the storied Japanese company to admit its financial future was in peril.

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The agreement, pending the approval of bankruptcy court, is expected to close in the third quarter.

"Presently, discussions with Westinghouse Electric Company is in progress to arrive at a viable project proposal for setting up six nuclear power reactors", Minister of Atomic Energy and Space, Dr. Jitendra Singh said in Parliament.

In 2016, Brookfield Business Partners converted debt to a large equity stake in a Texas power producer that emerged from Chapter 11 and became Vistra Energy. Brookfield also agreed to buy significant assets in the wind and solar energy industry that had been ensnared in SunEdison Inc.'s bankruptcy.

One of Westinghouse's unfinished US projects, known as Vogtle in Georgia, will continue with Southern Co replacing the company as the project manager. Instead, delays and overruns led to troubles that left Westinghouse's former parent, Toshiba Corp., fighting for survival previous year after writing down the value of the unit by billions. Four research analysts have rated the stock with a buy rating, Brookfield Business Partners L.P. Limited Partnership Units now has a consensus rating of "Buy" and a consensus price target of $29.66.

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