Status: Clearance
Acquirer: Brookfield Business Partners L.P. (Bermuda; Canada)
Acquired: Westinghouse Electric Company (U.S.)
Value: approximately $4.6 billion
Industry Tags: Energy
On January 4, 2018, Brookfield Business Partners L.P., "the listed business [(TSX, NYSE:BBU)] services and industrials company of Brookfield Asset Management Inc.," (TSX, NYSE:BAM), a publicly traded Canadian based asset management company, announced that, "together with institutional partners . . . it has "entered into an agreement to acquire 100% of Westinghouse Electric Company, a leading global provider of infrastructure services to the power generation industry," from Toshiba Corp. (Press Release, Brookfield Business Partners, Form 6-K, Ex-99.1, Jan. 4, 2018, SEC Filing). "On February 12, 2018, [TSB Nuclear Energy Services Inc., the immediate parent of Westinghouse] and [Brookfield WEC Holdings LLC] jointly submitted a draft Joint Voluntary Notice before the Committee on Foreign Investment in the United States." (Westinghouse Electric Company LLC — Application for Consent to Indirect Change of Control with Respect to Materials and Export Licenses and Notification Regarding Quality Assurance Program Approvals, Certificates of Compliance, and Design Certification, U.S. Nuclear Regulatory Commission, March 21, 2018.) Following regulatory approvals, Brookfield closed the acquisition on August 1, 2018. (Press Release, Brookfield Business Partners, Aug. 1, 2018).
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