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4-Traders Homepage  >  Equities  >  Nyse  >  Brookfield Business Partners LP    BBU   BMG162341090

BROOKFIELD BUSINESS PARTNERS LP (BBU)
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Brookfield Business Partners LP : WESTINGHOUSE ELECTRIC COMPANY LLC - BROOKFIELD TO ACQUIRE WESTINGHOUSE ELECTRIC COMPANY

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01/05/2018 | 12:40pm CEST

Cranberry Township - Westinghouse Electric Company, the global leader in nuclear technology, fuel and services, has agreed to be acquired by Brookfield Business Partners L.P. (NYSE: BBU) (TSX: BBU.UN) together with institutional partners (collectively, 'Brookfield') for approximately $4.6 billion.

The purchase price for substantially all of the global business of Westinghouse Electric Company LLC and its affiliated debtors and debtors-in-possession (collectively 'Westinghouse') excludes cash, but includes the assumption of certain pension, environmental and other operating obligations.

'Brookfield's acquisition of Westinghouse reaffirms our position as the leader of the global nuclear industry,' said Westinghouse President & CEO Jose Emeterio Gutierrez. '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.'

Brookfield's acquisition of Westinghouse is expected to close in the third quarter of 2018, subject to Bankruptcy Court approval and customary closing conditions including, among others, regulatory approvals. Throughout the process, Westinghouse will continue to operate in the ordinary course of business under its existing senior management.

PJT Partners is the financial advisor to Westinghouse, Weil, Gotshal & Manges LLP is Westinghouse's legal counsel, and AlixPartners LLP is Westinghouse's turnaround consultant.

Media Contact:

Sarah Cassella

Tel: +1 412-374-4744

(C) 2018 Electronic News Publishing, source ENP Newswire

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Managers
NameTitle
Cyrus Madon Chief Executive Officer
Jeffrey Miles Blidner Chairman
Craig James Laurie Chief Financial Officer
Peter Poolsaar Chief Information Officer
John Stewart Lacey Lead Independent Director
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