Bankrupt nuclear power company Westinghouse gets a buyer
Brookfield Business Partners, a listed unit of Canadian infrastructure investor Brookfield Asset Management, has agreed to buy bankrupt U.S. nuclear power company Westinghouse Electric for around $4.6 billion.
Why this isn't surprising: Westinghouse is the only U.S. company to receive U.S. building permits for new nuclear power plants since the Three Mile Island incident nearly 40 years ago – but billions of dollars in cost overruns led the company to file for chapter 11 protection in March. The mess essentially cost Westinghouse owner Toshiba more than it initially paid to purchase the business in 2006.
Connections: The deal is tied to utility giant Dominion Energy's $14.6 billion acquisition of South Carolina's SCANA Corp., announced Wednesday. SCANA has previously partnered with Westinghouse to build a pair of since-scrapped nuclear reactors.