Toshiba takes stake in British nuclear sector

Jan. 15, 2014 at 8:15 AM

TOKYO, Jan. 15 (UPI) -- Japan's Toshiba Corp. said Wednesday it took on a 60 percent stake in a British nuclear energy company from its European counterparts.

Toshiba said it becomes the majority owner of nuclear energy company NuGeneration Ltd. following a deal with French energy company GDF Suez and Spain's Iberdrola.

The Japanese company said it would work with its Westinghouse Electric Co. unit to build three nuclear reactors in northwest England.

Toshiba valued the acquisition at $167 million but said, without elaborating, the value was "subject to adjustment."

GDF Suez made its announcement on the transaction Tuesday, saying it would stay on to help build a nuclear station with more than 3,000 megawatts of capacity.

GDF Suez Chairman Gerard Mestrallet said the deal reflects a "strong ambition" to help find low-carbon energy solutions where it makes sense to do so.

Westinghouse, controlled by Toshiba, said the first unit should enter service by 2024 and help support the British government's low-carbon objectives.

There was no statement on the transaction from the Spanish energy company. Toshiba said the deal should close before June.

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