August 2, 2018

Willkie represented business services and industrials company Brookfield Business Partners L.P. in the previously announced transaction.

On August 1, Willkie client Brookfield Business Partners L.P. (NYSE:BBU) (TSX:BBU.UN), together with institutional partners, announced that it has closed its previously announced $4.6 billion acquisition of 100 percent of Westinghouse Electric Company, a leading global provider of infrastructure services to the power generation industry.

Brookfield raised over $3.7 billion dollars in acquisition financing through a $3.18 billion first lien facility, which included a $200 million revolving credit facility and a $250 million dedicated letter of credit facility, a $325 million second lien term loan facility and a $200 million global asset-based revolving credit facility, which included a $150 million U.S. Subfacility and a $50 million UK Subfacility, arranged by several institutional lenders. 

Brookfield Business Partners is a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs. As a market leader in its field, Westinghouse, an iconic American company, is the largest service provider to the world's nuclear power facilities, with a strong history of innovation.

The Willkie deal team, which was led by partners Matthew Feldman, William Gump, John Longmire and Kfir Abutbul, advised Brookfield on all aspects of the complex transaction, including obtaining regulatory approvals throughout the world, financing, and successful confirmation and implementation of Westinghouse’s chapter 11 plan. The Willkie financing team was led by partner Leonard Klingbaum.

Click here to read Willkie’s January 4, 2018 deal announcement.