Westinghouse Electric, which filed for Chapter 11 bankruptcy in March 2017, is being sold to Brookfield Business Partners, a subsidiary of Brookfield Asset Management, in a deal valued at $4.6 billion, according to The Wall Street Journal.
Westinghouse filed for bankruptcy amid cost overruns tied to its attempt to design and build a new generation of nuclear power plants. The bankruptcy auction for the company's assets attracted interest from several private equity firms, including Brookfield Business Partners, according to the report.
The deal, which is subject to approval from regulators and the bankruptcy court, is expected to close in the third quarter of this year.
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