Japan's Toshiba Corporation has agreed to buy Westinghouse, the power plant arm of British Nuclear Fuels, for $5.4 billion. The acquisition will bolster Toshiba's position in the world's nuclear power industry.
The takeover, which values Westinghouse at almost three times initial expectations, is expected to be completed in around six months.
"We are pleased to be able to enter into a contract that will secure the maximum return on the British taxpayers' investment and cement the continued leadership of Westinghouse in the nuclear energy field through the stewardship of the Toshiba Corporation," said Mike Parker, chief executive of British Nuclear Fuels.
"We have completed our due diligence and are satisfied that this purchase is the right move for our business and our shareholders, as well as our employees and their new Westinghouse colleagues, whose outstanding performance will add solid value to our company," said Atsutishi Nishida, president and CEO of Toshiba.