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Brookfield's Private Equity Group Finalizes Westinghouse Sale

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Brookfield Completes Sale of Westinghouse

Brookfield Asset Management and its affiliate, Brookfield Business Partners, have announced the successful completion of the sale of Westinghouse Electric Company. Westinghouse is a global leader in providing mission-critical technologies, products, and services to the nuclear power industry. The sale marks the culmination of a five-year repositioning effort to strengthen Westinghouse's organizational structure and focus on future growth.

Financial Details

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

Positive Outlook

Cyrus Madon, CEO of Brookfield Business Partners, expressed satisfaction with the sale, stating that it crystallizes significant value for investors. He praised the Westinghouse management team and highlighted the company's strong position for future growth under new ownership. In conclusion, the completion of the sale of Westinghouse by Brookfield represents a significant milestone. The financial results and strategic repositioning efforts demonstrate the importance of effective management and planning in driving success in the global market.

Implications for New Businesses

The recent completion of the sale of Westinghouse by Brookfield Asset Management and its affiliate, Brookfield Business Partners, offers valuable insights for new businesses. The transaction, which marks the end of a five-year repositioning effort, underscores the importance of strategic planning and organizational restructuring in achieving business growth and success.

Strategic Financial Management

Brookfield Business Partners' plan to use the proceeds from the sale to redeem preferred equity securities and reduce revolving credit facilities highlights the significance of strategic financial management. This move not only demonstrates sound financial planning but also provides a roadmap for new businesses on how to effectively manage their financial resources.
Leadership and Future Growth
Cyrus Madon's praise for the Westinghouse management team and his positive outlook on the company's future growth under new ownership emphasize the role of effective leadership in driving business success. For new businesses, this serves as a reminder of the importance of having a competent management team that can steer the company towards growth and profitability. In conclusion, the sale of Westinghouse by Brookfield offers important lessons for new businesses in strategic planning, financial management, and leadership.
Story First Published at: https://financialpost.com/globe-newswire/brookfields-private-equity-group-completes-sale-of-westinghouse
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