Brookfield’s Private Equity Group Completes Sale of Westinghouse

BROOKFIELD News, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Brookfield Asset Management (NYSE: BAM, TSX: BAM) and its listed affiliate Brookfield Business Partners (NYSE: BBU; TSX: BBU.UN) today announced the completion of the sale of Westinghouse Electric Company (“Westinghouse” or “the Company”).

Westinghouse is a global leading provider of mission-critical technologies, products, and services to the nuclear power industry. The sale follows a five-year repositioning of Westinghouse to refocus the business, strengthen its organizational structure and reinvest for future growth.

“We are pleased to complete the sale of Westinghouse and crystallize significant value for our investors,” said Cyrus Madon, CEO of Brookfield Business Partners. “Over the last five years, we have worked alongside the Westinghouse team to strengthen the business’ global leadership position and meaningfully enhance its profitability and cash flows by leveraging our established approach to operational value creation. Westinghouse is led by a world-class management team and is exceptionally well-positioned for future growth under its new ownership.”

Brookfield Business Partners will generate approximately $1.4 billion in proceeds from the sale of its 44% interest in the business. The proceeds will be used to redeem $750 million of preferred equity securities held by Brookfield Corporation and reduce revolving credit facilities. The annual dividend is 7% on the remaining $725 million of preferred equity securities held by Brookfield Corporation and the securities are redeemable at par, at the option of Brookfield Corporation, to the extent Brookfield Business Partners completes asset sales or equity issuances.

Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $850 billion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.