Toshiba set to purchase energy unit

Making a big bet on the future of the nuclear power industry, Toshiba, the Japanese company best known for making electronics, announced on Monday that it had agreed to buy Westinghouse Electric, the atomic energy division of British Nuclear Fuels, for $5.4 billion.

The purchase price is about three times higher than analysts had estimated for Westinghouse in July, a result of stiff competition for the unit. Toshiba outbid rivals like Mitsubishi Heavy Industries and General Electric.

IHT