Toshiba completes acquisition of NuGen

31 July 2017

Japan’s Toshiba Corp has become the sole owner of NuGeneration after completing the acquisition of Engie's 40% share in the UK nuclear developer on 25 July.

Toshiba received notice from Engie in April that it had exercised its right to require Toshiba to purchase all shares held by Engie in NuGen. Toshiba subsidiary Westinghouse Electric Company’s Chapter 11 filing for bankruptcy in late March met the definition of an 'event of default' under the terms of the NuGen shareholder agreement with Engie. Default entitles Engie to sell its entire shareholding in NuGen to Toshiba, or to acquire all the shares held by Toshiba, which has a 60% stake in NuGen and owns 87% of USA-based Westinghouse.

NuGen is planning to build three Westinghouse AP1000 reactors at Moorside in Cumbria. Both Toshiba and Westinghouse had insisted that only Westinghouse's US operations would be affected by the bankruptcy filing. However, Engie decided to pull out of the project. Announcing completion of the acquisition of Engie's stake, Toshiba said the share purchase price is JPY15,862m ($143m). It will bear the additional cost JPY3.6bn, which includes the costs of the UK's generic design assessment of the AP1000 which Westinghouse received in March.

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