Brookfield Business Partners to buy Westinghouse for $4.6 bn

An affiliate of Canada's Brookfield Asset Management said on Thursday it would acquire Westinghouse Electric Co LLC, the bankrupt nuclear services company owned by Toshiba Corp, for $4.6 billion.

Brookfield Business Partners LP 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.

Westinghouse 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.

Westinghouse 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.