Brookfield Business Partners’ $4.6 Billion acquisition of Westinghouse Electric Company

Willkie represents Brookfield in the transaction, expected to close in the third quarter of 2018.

Brookfield Business Partners L.P., together with institutional partners, announced today that 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, which is currently owned by Toshiba Corp.

The transaction provides for a purchase price of approximately $4.6 billion, expected to be funded with approximately $1 billion of equity, approximately $3 billion of long-term debt financing and the balance by the assumption of certain pension, environmental and other operating obligations.

Westinghouse is among the world’s leading suppliers of infrastructure services to nuclear power generating facilities. The Company provides sophisticated engineering, maintenance, facilities management and repair services to its global customer base.

Brookfield Business Partners will commit to fund approximately 50% of the equity on closing using existing liquidity. Prior to or following closing, a portion of Brookfield Business Partners’ investment may be syndicated to other institutional investors.

Closing of the transaction remains subject to Bankruptcy Court approval and customary closing conditions including, among others, regulatory approvals. Closing is expected to occur in the third quarter of 2018.

Brookfield Business Partnersis a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs. Brookfield Business Partners is listed on the New York and Toronto stock exchanges. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.

The Willkie deal team was led by partners Matthew Feldman (Picture), William Gump, John Longmire and Kfir Abutbul, and included partners Priya Aiyar, Leonard Klingbaum, François Feuillat, Amir Jahanguiri, Anthony Carbone, Robert Meyer, Spencer Simon, Michael Katz, David Mortlock and Daniel Alvarez; national partners Gianluca Cattani and Faustine Viala; counsel Jonathan Konoff, Jeffrey Clancy, Weston Eguchi, William Thomas, Peter Allman and Andrew Spital; special European counsel Charles-Antoine Erignac, associates Daniel Elizondo, Timothy Porter, David Updegrove, Ryan Hartnett, Matteo Matteucci, Daniel Johnstone, Katie Luton, Gabrielle Reddé, Elena Meloni, Michael Marietta, Ji Hun Kim, Debra McElligott, Derek Osei-Bonsu, Mehveen Riaz, John Brennan, Nikki Cassidy, Andrea Hwang, David Axelson, Eric Neidle, Kapiljeet Dargan, Jessica Sutton, Christine Cea, Rachel Dooley, Max Goodman, Annise Maguire, Ryan Stott, Sherrone Torres, Timothy DeKeyser, Timothy Dembo, Noman Goheer and Alex Moyer; and law clerks Ciara Copell, Timothy Sullivan, Alec Smith and Kyle Burns.

 

Involved fees earner: Matthew Feldman – Willkie Farr & Gallagher; John Longmire – Willkie Farr & Gallagher; Weston Eguchi – Willkie Farr & Gallagher; Michael Niebruegge – Willkie Farr & Gallagher; Debra McElligott – Willkie Farr & Gallagher; Derek Osei-Bonsu – Willkie Farr & Gallagher; William Gump – Willkie Farr & Gallagher; Kfir Abutbul – Willkie Farr & Gallagher; François Feuillat – Willkie Farr & Gallagher; Amir Jahanguiri – Willkie Farr & Gallagher; Charles-Antoine Erignac – Willkie Farr & Gallagher; Daniel Elizondo – Willkie Farr & Gallagher; Timothy D. Porter – Willkie Farr & Gallagher; David Updegrove – Willkie Farr & Gallagher; Ryan Hartnett – Willkie Farr & Gallagher; Matteo Matteucci – Willkie Farr & Gallagher; Gabrielle Redde – Willkie Farr & Gallagher; Andrea Hwang – Willkie Farr & Gallagher; Eric Neidle – Willkie Farr & Gallagher; Priya Aiyar – Willkie Farr & Gallagher; David Mortlock – Willkie Farr & Gallagher; Noman Goheer – Willkie Farr & Gallagher; Leonard Klingbaum – Willkie Farr & Gallagher; Jeffrey Clancy – Willkie Farr & Gallagher; Anthony Carbone – Willkie Farr & Gallagher; Kapiljeet Dargan – Willkie Farr & Gallagher; Robert Meyer – Willkie Farr & Gallagher; Spencer Simon – Willkie Farr & Gallagher; Rachel Dooley – Willkie Farr & Gallagher; Max Goodman – Willkie Farr & Gallagher; Michael Katz – Willkie Farr & Gallagher; Peter Allman – Willkie Farr & Gallagher; Andrew Spital – Willkie Farr & Gallagher; Ryan Stott – Willkie Farr & Gallagher; Faustine Viala – Willkie Farr & Gallagher; Jonathan J. Konoff – Willkie Farr & Gallagher; Daniel Alvarez – Willkie Farr & Gallagher; Alex Moyer – Willkie Farr & Gallagher; William Thomas – Willkie Farr & Gallagher; Annise Maguire – Willkie Farr & Gallagher; Syeda Mehveen Riaz – Willkie Farr & Gallagher; Jessica Sutton – Willkie Farr & Gallagher; Christine Cea – Willkie Farr & Gallagher; Timothy DeKeyser – Willkie Farr & Gallagher; Timothy Dembo – Willkie Farr & Gallagher; Gianluca Cattani – Delfino Willkie Farr & Gallagher; Elena Meloni – Delfino Willkie Farr & Gallagher;

Law Firms: Willkie Farr & Gallagher; Delfino Willkie Farr & Gallagher;

Clients: Brookfield Business Partners LP;

 

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Author: Ambrogio Visconti