TOSHIBA SELLS WESTINGHOUSE
WNN - Japan's Toshiba announced today that it has completed the sale to Brookfield of its shareholding in Toshiba Nuclear Energy Holdings (US) Inc - the indirect holding company of Westinghouse Electric Company. The sale is independent of Brookfield's acquisition of Westinghouse and some of its affiliates.
Westinghouse filed for Chapter 11 bankruptcy protection with US courts in March 2017 to enable it to undergo strategic restructuring. The filing affected only its US operations, which included projects to construct four AP1000 reactors at two sites, Vogtle in Georgia, and VC Summer in South Carolina.
On 4 January, it was announced that Brookfield Business Partners, together with institutional partners - collectively known as Brookfield - had agreed to acquire 100% of Westinghouse from Toshiba for about USD4.6 billion.
Toshiba announced on 18 January it had signed a share purchase agreement under which it would sell to Brookfield all shares it holds in Westinghouse-related assets - Toshiba Nuclear Energy Holdings (US) and Toshiba Nuclear Energy Holdings (UK) Limited - for USD1. Toshiba Nuclear Energy Holdings (UK) is the indirect holding company for Westinghouse Group operating companies outside the USA.
While the sale of its shareholding in Toshiba Nuclear Energy Holdings (US) has now been completed with the receipt of regulatory approvals, Toshiba said it "will continue working to receive regulatory approvals for the sale of Toshiba Nuclear Energy Holdings (UK)'s shares, and targets early completion of the sale".
In late-March, Westinghouse announced its reorganisation plan had been approved by the US Bankruptcy Court for the Southern District of New York.
Toshiba said that once all the requirements specified in the reorganisation plan had been met, Westinghouse-related shares held by subsidiaries of Toshiba Nuclear Energy Holdings (US) will be cancelled and new shares will be issued to Brookfield.
Westinghouse expects the transactions to close in the third quarter, "subject to customary closing conditions including, among others, regulatory approvals".
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