When Westinghouse Electric decided to sell its defence unit last year to pay off the $5.5 billion in debt its acquisition of CBS had required, it felt there was only one place to go: the new Chase Manhattan Bank. “We didn’t want any uncertainty,” says Fred Reynolds, Westinghouse’s chief financial officer.
Westinghouse was looking for a cash deal, and wanted to make sure that the buyer would be able to come up with the money. Chase, with its expertise in lending to the defence industry, was well placed to review potential bidders.
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