Brookfield to Acquire Westinghouse Electric Company

Purchase Price of $4.6 Billion
Reaffirms Westinghouse’s
Position as the Leader of the Global Nuclear Industry

CRANBERRY TOWNSHIP, Pa.–(BUSINESS WIRE)–Westinghouse Electric Company, the global leader in nuclear technology,
fuel and services, has agreed to be acquired by Brookfield Business
Partners L.P. (NYSE:BBU) (TSX:BBU.UN) together with institutional
partners (collectively, “Brookfield”) for approximately $4.6 billion.

The purchase price for substantially all of the global business of
Westinghouse Electric Company LLC and its affiliated debtors and
debtors-in-possession (collectively “Westinghouse”) excludes cash, but
includes the assumption of certain pension, environmental and other
operating obligations.

“Brookfield’s acquisition of Westinghouse reaffirms our position as the
leader of the global nuclear industry,” said Westinghouse President &
CEO José Emeterio Gutiérrez. “Our transformation and strategic
restructuring process is creating a stronger, stable, and more
streamlined global Westinghouse business, for the benefit of our
customers and employees.”

Brookfield’s acquisition of Westinghouse is expected to close in the
third quarter of 2018, subject to Bankruptcy Court approval and
customary closing conditions including, among others, regulatory
approvals. Throughout the process, Westinghouse will continue to operate
in the ordinary course of business under its existing senior management.

PJT Partners is the financial advisor to Westinghouse, Weil, Gotshal &
Manges LLP is Westinghouse’s legal counsel, and AlixPartners LLP is
Westinghouse’s turnaround consultant.

Contacts

Westinghouse Electric Company
Sarah Cassella
External
Communications Manager
Desk: +1 412-374-4744
Cell: +1
724-272-2997
Email: [email protected]