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.
Brookfield Business Partners is
the flagship listed vehicle of Brookfield’s private equity group.
It is a global business services and industrials company focused on
owning and operating high-quality businesses that provide essential
products and services and benefit from a strong competitive
position.
Investors have flexibility to invest in
Brookfield Business Partners either through Brookfield Business
Corporation (NYSE, TSX: BBUC), a corporation, or Brookfield
Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited
partnership. For more information, please visit
https://bbu.brookfield.com.
For more information, please
contact:
Media:Marie FullerTel: +44 207 408 8375Email:
marie.fuller@brookfield.com |
Investors:Alan FlemingTel: +1 (416) 645-2736Email:
alan.fleming@brookfield.com |
Cautionary Statement Regarding
Forward-Looking Statements and Information
Note: This news release contains
“forward-looking information” within the meaning of Canadian
provincial securities laws and “forward-looking statements” within
the meaning of applicable Canadian and U.S. securities laws,
including the United States Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or
conditions, include statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, strategies and outlook of Brookfield Business Partners,
as well as regarding recently completed and proposed acquisitions,
dispositions, and other transactions, and the outlook for North
American and international economies for the current fiscal year
and subsequent periods, and include words such as “expects”,
“anticipates”, “plans”, “believes”, “estimates”, “seeks”,
“intends”, “targets,” “projects”, “forecasts”, “views”,
“potential”, “likely” or negative versions thereof and other
similar expressions, or future or conditional verbs such as “may,”
“will,” “should,” “would” and “could”.
Although we believe that our anticipated future
results, performance or achievements expressed or implied by the
forward-looking statements and information are based upon
reasonable assumptions and expectations, investors and other
readers should not place undue reliance on forward-looking
statements and information because they involve known and unknown
risks, uncertainties and other factors, many of which are beyond
our control, which may cause the actual results, performance or
achievements of Brookfield Business Partners to differ materially
from anticipated future results, performance or achievements
expressed or implied by such forward-looking statements and
information.
Factors that could cause actual results to
differ materially from those contemplated or implied by
forward-looking statements include, but are not limited to: general
economic conditions and risks relating to the economic, including
unfavorable changes in interest rates, foreign exchange rates,
inflation and volatility in the financial markets; global equity
and capital markets and the availability of equity and debt
financing and refinancing within these markets; strategic actions
including our ability to complete dispositions and achieve the
anticipated benefits therefrom; the ability to complete and
effectively integrate acquisitions into existing operations and the
ability to attain expected benefits; changes in accounting policies
and methods used to report financial condition (including
uncertainties associated with critical accounting assumptions and
estimates); the ability to appropriately manage human capital; the
effect of applying future accounting changes; business competition;
operational and reputational risks; technological change; changes
in government regulation and legislation within the countries in
which we operate; governmental investigations; litigation; changes
in tax laws; ability to collect amounts owed; catastrophic events,
such as earthquakes, hurricanes and pandemics/epidemics including
COVID-19; the possible impact of international conflicts, wars and
related developments including Russia’s invasion of Ukraine,
terrorist acts and cyber terrorism; and other risks and factors
detailed from time to time in our documents filed with the
securities regulators in Canada and the United States including in
the “Risk Factors” section in our most recently filed Form
20-F.
We caution that the foregoing list of important
factors that may affect future results is not exhaustive. When
relying on our forward-looking statements and information,
investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. Except as
required by law, we undertake no obligation to publicly update or
revise any forward-looking statements or information, whether
written or oral, that may be as a result of new information, future
events or otherwise.
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