Brookfield Business Partners is reportedly exploring options to divest a certain stake in US-based nuclear power company Westinghouse Electric.
According to anonymous sources, the deal could value Westinghouse at around $10bn, including debt.
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By GlobalDataThe plan to sell the stake comes after US President Joe Biden unveiled an ambitious greenhouse gas reduction target to address climate change, which could benefit the nuclear power sector.
President Biden has set a target to cut America’s carbon emissions to 50% of their 2005 levels by 2030, and included nuclear power in the potential energy mix to achieve this goal.
Brookfield has reportedly hired investment banks to engage potential buyers for a minority stake in Westinghouse. Both companies have declined to comment.
In August 2018, Brookfield acquired Westinghouse from Japan-based Toshiba Corporation.
Earlier this year, during discussions of its fourth-quarter financial results with analysts, Brookfield CEO Cyrus Madon said that the company was considering options to Westinghouse Electric Company.
Madon said: “We are sort of at a crossroads, because we could sell part of the company or all of the company if we wanted to.
“We could hold onto it and continue milking these incredible cash flows, but it will all come down to the value we can get versus what we can create by keeping it.
“But at some point in time, we certainly will test the market and see if we can get a read on market value for the business.”
