Private equity firms Blackstone Group LP and Apollo Global Management LLC have teamed up to bid for the business of bankrupt U.S. nuclear power plant services firm Westinghouse Electric Co, people familiar with the matter said.
A successful deal would limit the financial hit to Japan’s Toshiba Corp, the owner of Westinghouse. Westinghouse filed for bankruptcy in March, hit by billions of dollars of cost overruns at four nuclear reactors under construction in the U.S. Southeast.
Westinghouse is working with investment bank PJT Partners Inc on a sale process, which is still at its early stages, the people said this week. A deal could value Westinghouse at close to $4 billion, the sources added.
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