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Bankrupt Westinghouse bought for $4.6B - is U.S. nuclear making a comeback?

Bankrupt Westinghouse bought for $4.6B - is U.S. nuclear making a comeback?

The $4.6-billion acquisition of Westinghouse Electric Co.by Brookfield Business Partners LP has come just in time for India, which has made a decision to push ahead with its planned collaboration with the formerly Toshiba-owned company, for the construction of six nuclear reactors.

The offer from publicly-traded Brookfield Business Partners includes unnamed institutional partners and the assumption of pension, environmental and other obligations, according to the statement - no cash is involved.

Research analysts at Citigroup assumed coverage on shares of Brookfield Business Partners L.P. Limited Partnership Units (NYSE:BBU) in a research report issued to clients and investors on Wednesday, December 20th, Marketbeat reports.

Representatives for Blackstone and Apollo weren't immediately available for comment.

Brookfield Business Partners LP will acquire 100 percent of Westinghouse Electric Co., the provider of infrastructure to the energy industry that filed for bankruptcy in March, including debtors and debtors-in-possession.

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The Japanese company later announced in November that it was exploring alternatives to sell the US -based company.

The deal marks a positive turn in a long saga of financial woes stemming from USA reactor projects that dragged Westinghouse into bankruptcy, ensnared its parent, Toshiba Corp., and also battered US utilities that had taken on their construction.

One of Westinghouse's unfinished USA projects, known as Vogtle in Georgia, will continue with Southern Co. replacing the company as the project manager. Brookfield also agreed to buy significant assets in the wind and solar energy industry that had been ensnared in SunEdison Inc.'s bankruptcy. Throughout the process, Westinghouse will continue to operate in the ordinary course of business under its existing senior management.

The officials say Westinghouse is a leader in its field and has an established customer base.

The sale offers a fresh start for Westinghouse, which was forced into bankruptcy a year ago after suffering billions of dollars in losses from delays and cost overruns at nuclear plants under construction in Georgia and SC. Four research analysts have rated the stock with a buy rating, Brookfield Business Partners L.P. Limited Partnership Units now has a consensus rating of "Buy" and a consensus price target of $29.66.


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