February 17, 2017 / 8:22 AM / 3 years ago

Toshiba to purchase IHI's stake in Westinghouse

FILE PHOTO - A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo

TOKYO (Reuters) - Toshiba Corp (6502.T) on Friday said it would buy 3 percent of U.S. nuclear power subsidiary Westinghouse Electric Co LLC from Japanese infrastructure firm IHI Corp (7013.T) for $157 million.

Toshiba said it had received notice from IHI that it would exercise an option to sell its Westinghouse stake to Toshiba.

Toshiba is trying to sell part or all of its stake in its memory chip business as it seeks funds to offset an multi-billion dollar writedown at Westinghouse.

Reporting by Junko Fujita; Editing by Christopher Cushing

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