Japan based tech giant Hitachi will soon be buying Horizon, in a nuclear reactor venture in Britain The joint venture is planning to build nuclear reactors in the country and reports on October 27, 2012 said that the deal has been valued at 50 billion yen.
The deal has been nearly finalized in an agreement with the firm’s German owners RWE and E.ON. Hitachi is looking forward to expand its nuclear power business outside Japan, especially after the Fukushima nuclear accident which finished the demand for nuclear reactors in the Asian country.
Germany utilities had launched Horizon in the year 2009, but in the month of March it decided to sell the unit after the country’s decision to phase out nuclear power following the Fukushima disaster.
The Japanese based tech company has teamed up with Canadian based engineering firm SNC Lavalin to make the bid, controlled by Japan’s Toshiba. The bid is said to be stronger than the rival bid by the US based Westinghouse. Reports said that Hitachi will announce its bid after a board meeting, which is scheduled for October 30, 2012.
When asked about the developments, the company officials were not immediately available for comment. Hitachi provides advanced nuclear reactors and nuclear services which help in improving performance, increase power output and extends plant life.