On January 18th, Beijing time, Toshiba Group said on Wednesday that they will sell their ownership of Westinghouse, which is a bankruptcy nuclear power business unit, to a group headed by the hedge fund Baupost Group. After the sale of Westinghouse, Toshiba assets will increase by 401 billion yen (about 3.68 billion U.S. dollars).
As previously reported, Toshiba stated that they have agreed to transfer their Westinghouse Electric shares to Brookfield WeCHoldings.
Toshiba said in a statement that of the 401 billion yen it received, about 240 billion yen was the profit that Toshiba had acquired from Westinghouse, and 170 billion yen was after-tax profit.
Together with the 600 billion yen new shares issued last month, Toshiba will be able to avoid the net negative value of assets at the end of March fiscal year.
Toshiba said that they will complete the transfer of Westinghouse’s shareholdings to Brookfield at a price of US$1 before March 31st.
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