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CORRECTED-UPDATE 1-Brookfield Business Partners to buy Westinghouse for $4.6 bln

Published 2018-01-04, 10:56 a/m
© Reuters. CORRECTED-UPDATE 1-Brookfield Business Partners to buy Westinghouse for $4.6 bln

(Corrects New York stock symbol for Brookfield Business Partners to BBU.N from BAM.N in second paragraph)

Jan 4 (Reuters) - An affiliate of Canada's Brookfield Asset Management BAMa.TO said on Thursday it would acquire Westinghouse Electric Co LLC, the bankrupt nuclear services company owned by Toshiba Corp 6502.T , for $4.6 billion.

Brookfield Business Partners LP BBU.N BBU_u.TO and institutional partners will buy the Pittsburgh-based business using $1 billion of equity and $3 billion of long-term debt financing, according to a statement.

The deal is expected to close in the third quarter. has said it is aiming to exit bankruptcy as soon as March, which would allow Toshiba to book tax benefits in the current fiscal year. filed for bankruptcy last March after two nuclear power plants it had designed and was constructing in the U.S. Southeast had gone billions of dollars over their fixed-cost contracts.

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