Toshiba Acquires 77% Stake In Westinghouse For $4.16 Billion - Quick Facts

Toshiba Corp. (TOSBF.PK) on Tuesday said it completed the acquisition of BNFL USA Group Inc. and Westinghouse UK Limited, after completing final arrangements with British Nuclear Fuels Limited on October 16. The company noted that the integration of Westinghouse into Toshiba would significantly contribute in elevating Toshiba's energy systems to a global level. The company further noted that it invested $4.16 billion to acquire a 77% share of Westinghouse, giving it management control of the company. The remaining 23% is held by two strategic partner companies, the Shaw Group Inc, who invested $1.08 billion to acquire a 20% stake, and Ishikawajima-Harima Heavy Industries Co., Ltd of Japan, who invested $162 million to acquire a 3% stake.

The company further disclosed that following the merger, the board of directors of Westinghouse Electric Company would have seven members, three from Westinghouse Electric Company, and four from Toshiba. Westinghouse will continue to be headquartered at Pennsylvania, with Steve Tritch continuing as CEO, and Masao Niwano, a representative executive officer and corporate senior executive vice president and director of Toshiba Corp, acting as chairman of the board.