Toshiba sells Westinghouse nuclear plant unit to Brookfield

Toshiba has sold Westinghouse Electric Company, the nuclear company whose plant design is intended for construction in Moorside, Cumbria, to Canadian asset manager Brookfield for $4.6 billion.

Westinghouse’s US reactor company is currently in bankruptcy protection after it was hit by huge compensation claims over nuclear construction projects. The acquisition is expected to close in the third quarter of 2018, subject to Bankruptcy Court and other regulatory approvals.

Toshiba announced in December that Korea Electric Power had been named as preferred bidder for the NuGen company, which will build two Westinghouse nuclear units at Moorside.

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