Brookfield Business Partners LP and institutional partners will buy the Pittsburgh-based business using US$1 billion of equity and US$3 billion of long-term debt financing, according to a statement.
The deal is expected to close in the third quarter but will require approval from regulators and the U.S. Bankruptcy Court.
To view the full article, register now. They issued a "buy" rating and a $39.00 price objective for the company.
The demise of Westinghouse was a major setback for the country's nuclear industry, potentially dooming new nuclear build in the U.S. Problems with its AP1000 nuclear reactor models led to two major nuclear projects falling behind schedule and mounting costs.
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I am removing Florida from consideration from any new oil and gas platforms". Becerra added, "we, too, should be removed from your list".
So why is Brookfield buying?
Westinghouse runs the Springfields factory at Salwick which produces fuel for reactors at power stations. Those two business lines generated combined cash flow of US$403 million on revenue of about US$3.1 billion in Westinghouse's 2015 financial year, court records show.
The Japanese company later announced in November that it was exploring alternatives to sell the US -based company.
Construction of new nuclear power plants globally has dropped to the lowest level in a decade following renewed safety concerns after the Fukushima disaster in Japan in 2011.
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We're fans of hers and incredibly interested in what those opportunities could be with us. He spoke with the AP earlier today on her WWE status. "I'd love it", Levesque said.
The deal won't include what had been the company's most prized projects - plans to build its AP1000 reactors for US utilities in SC and Georgia.
Westinghouse has joined a consortium bidding to provide nuclear power in Saudi Arabia, one of the biggest new markets in the world.
India and the USA announced the proposed deal between Westinghouse and state-owned NPCIL for the construction of six AP 1000 reactors in Andhra Pradesh in 2016, but following the Toshiba Corporation's decision to pull out of the nuclear power plant sector, Westinghouse Electric Company's India plan had run into uncertainty. The deal puts an end to a major headache for the Japanese conglomerate, which previous year warned that it might have trouble surviving if it didn't find a buyer for the nuclear power plant constructor, which it acquired in 2006 for US$5 billion.
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His eight starts this season have been in the competitions, where the veteran French boss usually fields his fringe players. And Walcott in particular struggled as the north Londoners were knocked out of the FA Cup.
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