Westinghouse sold to Toshiba

8 February 2006

Japan’s Toshiba has announced that it has entered into a definitive agreement with BNFL to acquire BNFL USA Group and Westinghouse for $5.4 billion.

The acquisition gives Toshiba access to both BWR (boiling water reactor) and PWR (pressurised water reactor) technologies.

Under the terms of the purchase and sale agreement, Toshiba will acquire 100% of Westinghouse and will retain more than 51% of the capital interest and remain the majority and controlling shareholder of Westinghouse. Upon completion of the acquisition, which still requires regulatory clearances, Toshiba expects its nuclear power business to expand to three times today's level by 2015, as a result of operational and technological synergies.

Atsutoshi Nishida, president and chief executive of Toshiba said: "With Westinghouse, Toshiba will be a global nuclear power business organisation committed to delivering world-class nuclear power generation systems and services, backed up by proven technology, reliability and superb efficiency."

Mike Parker, chief executive of BNFL said: "This partnership will provide Westinghouse with a truly global platform with new export opportunities that will enable us to compete more effectively for new US customers."

BNFL has also signed a deal to sell its US nuclear cleanup company BNG America to EnergySolutions. The sale also includes BNG America’s wholly-owned subsidiaries Manufacturing Sciences and BNG Fuel Solutions.

EnergySolutions is headquartered in Salt Lake City, Utah and is owned by a private investor group led by Lindsay Goldberg & Bessemer (LGB), a New York-based investment partnership.

The purchase of BNG America by EnergySolutions is part of a larger transaction involving the combination of three US nuclear waste management companies - BNG America, Envirocare of Utah, and Scientech D&D. The BNG America sale is expected to be finalised in the next few weeks.

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