Japanese electronics giant Toshiba Corp. (TOSBF.PK) on Monday said it has acquired the 20 percent interest in Westinghouse Electric Co., owned by engineering company Shaw Group Inc. (SHAW), on January 4. The acquisition was made in immediately available cash and loans, at a price of approximately 125 billion yen, the company said.
The shares were held by Nuclear Energy Holding, a special purpose subsidiary wholly owned by Shaw Group. Following this acquisition, Toshiba's share in Westinghouse Electric has increased to 87 percent.
Toshiba added that it has received expressions of interest from potential partners regarding acquisitions of holdings in Westinghouse. The company said it is open to talks on the condition that Toshiba retains a majority stake, can expect to share long term business prospects and strategies with such partners, secure positive synergies, and obtain an appropriate evaluation of WEC's corporate value.
The company expects the participation of third-party partners to contribute to the reinforcement of WEC's business and the reinforcement of Toshiba's financial position.
Toshiba added that at this time, it does not plan to revise projections for fiscal 2012 business to reflect this acquisition.
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