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Toshiba sells nuclear arm for £3.4bn

Moorside

Toshiba has sold its troubled nuclear firm Westinghouse to Canadian asset managers Brookfield Business Partners (BBP) for $4.6bn (£3.4bn).

Westinghouse, a subsidiary of Toshiba, had designed an AP1000 reactor for the proposed Moorside nuclear power plant in Cumbria before it filed for US bankruptcy protection in March last year.

Westinghouse said it expected the deal to be complete in the third quarter of 2018, subject to approval.

“Westinghouse is a high-quality business that has established itself as a leader in its field, with a long-term customer base and a reputation for innovation,” said BBP chief executive Cyrus Madon.

“We look forward to bringing our significant expertise and reputation as a long-term owner and operator of critical infrastructure in the US and globally, as well as our deep facilities management capabilities, to enhance the company’s position as a leading global infrastructure services provider to the power generation industry.”

Westinghouse chief executive José Emeterio Gutiérrez said the acquisition by BBP “reaffirms our position as the leader of the global nuclear industry”.

After Westinghouse filed for US bankruptcy protection last year, French company Engie announced it was pulling out of NuGen, the joint venture behind the Moorside project. Toshiba was forced to buy Engie’s 40% stake in NuGen, bringing Toshiba’s ownership of NuGen to 100%.

In December South Korean utility firm Kepco bought 100% of Toshiba’s stake in NuGen, allowing Toshiba to exit the Moorside scheme. It is thought Kepco will now want to use its own APR1400 reactor design instead of the existing Westinghouse design.

Toshiba has been contacted for comment.

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