Toshiba Corp. said Wednesday it expected to complete its takeover of Westinghouse Electric Co., the U.S. producer of atomic power plant equipment, by the end of the month.
Ishikawajima-Harima Heavy Industries Co. and Shaw Group Inc. of the United States will partner with Toshiba to complete the acquisition of the company from its parent, British Nuclear Fuels PLC, Toshiba said in a statement.
BNFL agreed in February to sell the business along with its U.S. unit, BNFL USA Group, to Toshiba for $5.4 billion.
Toshiba’s ownership interest in Westinghouse will be 77 percent, Shaw’s 20 percent and IHI’s 3 percent, the statement says. Toshiba’s investment will amount to $4.158 billion.
Toshiba established Toshiba Nuclear Energy Holdings Inc. in the U.S. and Toshiba Nuclear Energy Holdings Ltd. in the U.K. to complete the acquisition. The Shaw Group will acquire a 20 percent in the two companies for $1.08 billion, while IHI will acquire a 3 percent interest for $162 million.
Toshiba also said it had cleared all antitrust reviews and finished all necessary regulatory filings in both the U.S. and the European Union as of the end of September.
The Toshiba takeover will combine two nuclear plant suppliers. Toshiba focuses on boiling water reactors it sells in Asia, while Westinghouse specializes in pressurized-water reactors.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.