Toshiba To Spend $1.6B For Shaw's 20% Stake In Westinghouse

Law360, New York (October 10, 2012, 12:58 PM EDT) -- Toshiba Corp. has agreed to buy a 20 percent stake in a Pennsylvania-based nuclear power plant operator from The Shaw Group Inc. for 125 billion yen (US$1.6 billion), the Japanese technology and energy conglomerate said Wednesday.

Toshiba will acquire Shaw's stake in Westinghouse Electric Co. LLC within the next 90 days using cash on hand and available loans, it said. Toshiba already owns 67 percent of Westinghouse, with Kazakhstan and Japanese companies owning the rest.

Shaw exercised its put option on Westinghouse through its special purpose...
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