Toshiba announced the acquisition of an additional number of shares of the bankrupt company Westinghouse Electric, because of which the Japanese conglomerate suffered huge losses.

Westinghouse Electric, which provides services to nuclear power plants, acquired Toshiba (more precisely, its majority stake) in 2006 for $ 5.4 billion in hopes of receiving a number of proposals for the construction of reactors in the United States. After the accident at the Fukushima-1 nuclear power plant in March 2011, Toshiba began to experience difficulties in connection with the refusal to build new nuclear facilities in Japan itself and the decrease in the number of orders abroad.

At the end of 2016, Toshiba warned of writing off several billion dollars in Westinghouse due to cost overruns in some projects in the US. Because of this, the corporation recorded record losses for the year.

Westinghouse was bankrupt, and now Toshiba buys 10% of the company's shares for 59 billion yen ($ 522 million) from minority shareholder Kazatomprom in order to gain full control over the company. Redemption will begin on January 1, 2018.

According to the agency "Reuters", Westinghouse is preparing to sell for about $ 4 billion. Joint application for the acquisition of the company was filed by private investment funds Blackstone Group and Apollo Global Management.