"Brookfield's acquisition of Westinghouse reaffirms our position as the leader of the global nuclear industry", Westinghouse President & CEO José Emeterio Gutiérrez said.
Brookfield Business Partners said it expects to fund the purchase of 100 per cent of Westinghouse through a combination of US$1 billion of equity, $3 billion of long-term debt and the assumption of certain obligations.
Representatives for Blackstone and Apollo weren't immediately available for comment.
The acquisition by Brookfield Business Partners LP on Thursday comes one day after an agreement tying up loose ends from two failed nuclear reactors in SC.
Brookfield Business Partners LP will acquire 100 percent of Westinghouse Electric Co., the provider of infrastructure to the energy industry that filed for bankruptcy in March, including debtors and debtors-in-possession.
Those two business lines generated combined cash flow of $403 million on revenue of about $3.1 billion in Westinghouse's 2015 financial year, according to court records. But because Westinghouse has filed for Chapter 11 bankruptcy protection, it is not treated as Toshiba's consolidated subsidiary.
The Japanese company later announced in November that it was exploring alternatives to sell the US -based company.
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Abe said that on his visit he is planning to reaffirm Japan's cooperations with these countries in matters concerning North Korea. One of the jumbo jets used by Japanese Prime Minister Shinzo Abe for his foreign trips lost a wing panel during a flight.
The firm received orders for the construction of 4 nuclear plants.
One of Westinghouse's unfinished US projects, known as Vogtle in Georgia, will continue with Southern Co replacing the company as the project manager.
Westinghouse filed for bankruptcy protection in the United States last March and was largely responsible for Toshiba's subsequent decision to sell a number of key assets, including its highly-prized memory chip division. The vehicle was created in 2016, shortly after Brookfield Capital Partners IV, the Toronto investor's fourth mid-market PE fund, was closed at US$4 billion.
Toshiba stock rose about 2% in Tokyo following the news of the Westinghouse deal.
Brookfield Business Partners L.P. Limited Partnership Units (NYSE:BBU) opened at $36.09 on Wednesday.
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