Toshiba Finds Buyer for Westinghouse Nuclear-Power Business

The Westinghouse Electric nuclear power plant.

In what appears to be good news for financially strapped Toshiba Corporation of Tokyo, Japan, U.S. News reports that  Brookfield Business Partners has acquired Toshiba’s Westinghouse Electric U.S. nuclear-power business for about $4.6 billion.

Westinghouse Electric Co. sought bankruptcy protection early last year.

Toshiba has been seeking to sell various business units, including its Toshiba Memory Corporation, in order to cover losses incurred by the bankrupt Westinghouse. Its partner in the memory business, Western Digital, has sought to stop the sale however.

Last month, however, Toshiba reported that it and Western Digital have entered into a global settlement agreement to resolve their ongoing disputes in litigation and arbitration, and strengthen their relationship, with all parties agreeing to end litigation and arbitration actions.

In November 2017, Toshiba also said it would be seeking to sell its TV business to a Chinese company for $114 million. Also in November, it reported a loss for the first half of its fiscal year, but said its memory business registered a strong performance.

Brookfield Business Partner’s acquisition of Westinghouse is expected to close in the third quarter.

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