2018.01.0423:20:00UTC+00Toshiba Strikes Deal to Sell Nuclear Unit Westinghouse

Toshiba's struggling nuclear business, Westinghouse Electric, is slated to be purchased by Canadian firm Brookfield Business Partners in a deal worth $4.6 billion.

The agreement was announced by Westinghouse. The deal is seen to resolve the future of the business that has affected the fate of the Japanese conglomerate.

In March, Westinghouse filed for bankruptcy protection. After the Chapter 11 filing, Toshiba issued a guidance warning that losses in the unit put into question its ability to continue operating as a business.

In order to ensure its survivability and to recover from the losses, Toshiba struck deals to sell key assets, including its prized memory chip unit. The company has also worked to sell Westinghouse for months.

The targeted buyer of Westinghouse, Brookfield Business Partners, counts $15.9 billion in assets, with investments in energy, construction and industrial operations.

In a statement, Brookfield said that Westinghouse has a solid market position as the biggest service provider to nuclear power plants globally. The private equity division of Brookfield Asset Management also said that majority of the firm's projects came from regular services provided under long term contracts.