A successful deal would limit the financial hit to Japan's Toshiba Corp <6502.T>, 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.
Other private equity firms are also considering forming consortia to bid for Westinghouse. Buyout firm Cerberus Capital Management LP is in talks with U.S. nuclear power plant component provider BWX Technologies Inc about submitting a joint bid for Westinghouse, the sources said, cautioning that no offer was certain to materialise.
Other bidders are also expected to emerge. However, the Committee on Foreign Investment in the United States (CFIUS), a government panel which scrutinizes deals for potential national security risks, could make an acquisition of Westinghouse by a foreign buyer more difficult, according to the sources.
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