Korea Electric Power to Acquire NuGeneration from Toshiba

Published: Dec 06 2017
Deal Summary

Korea Electric Power Corporation (Kepco), a power generation company, has been selected as preferred bidder to acquire NuGeneration Ltd, a nuclear company, from Toshiba Corporation, a manufacturer and marketer of electrical and electronic products.

NuGeneration is engaged in construction and development of Moorside nuclear power project situated in West Cumbria coast in northwest England, UK. The total installed capacity of the power plant is 3,800 MW. The total cost of the power plant is expected to be GBP10,000 million (USD13,262.7 million). The investment per MW will be USD3.49 million The power plant will consist of three Westinghouse AP1000 reactors which are expected to generate sufficient electricity to six million households. The commercial operations of the power plant is expected to begin in 2024.

The transaction is expected to complete in the first half of 2018.

Deal History:

Planned: On March 22, 2017, Kepco intends to acquire 60% stake in NuGeneration Ltd, a power generation company, from Toshiba Corporation, as announced by Cho Hwan-eik, CEO of Kepco.

Rumor: On September 11, 2016, kepco intended to acquire stake in NuGeneration from Toshiba and Engie S.A. (formerly GDF Suez S.A.), an electric utility, as reported by sources citing people familiar with the matter.

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