On January 18th, Beijing time, the Toshiba Group announced on Wednesday that it will sell its stake in Westinghouse, a nuclear power business unit that has filed for bankruptcy, to a group led by the hedge fund Baupost Group. This transaction is expected to significantly boost Toshiba's financial position, with the company gaining approximately 401 billion yen (around $3.68 billion).
Previously, Toshiba had already agreed to transfer its shares in Westinghouse Electric to Brookfield WeCHoldings. In a recent statement, the company clarified that of the 401 billion yen received from the sale, about 240 billion yen represented profits previously accumulated from Westinghouse, while the remaining 170 billion yen was after-tax profit.
In addition to this deal, Toshiba issued 600 billion new shares last month, which will help the company avoid a net negative asset value as of the end of its fiscal year in March. The company also confirmed that it will complete the transfer of its Westinghouse shares to Brookfield at a price of $1 per share before March 31st.
This move marks a major step in Toshiba’s strategy to stabilize its financial health and focus on more profitable ventures. Analysts believe that divesting from Westinghouse will allow the company to reduce its liabilities and streamline operations, particularly in the wake of ongoing challenges in the nuclear energy sector. With these developments, Toshiba is positioning itself for a more sustainable future in the global market.
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