British Nuclear Fuels PLC yesterday inked a deal to sell Westinghouse Electric Co. to Toshiba Corp. for $5.4 billion -- nearly triple what BNFL initially expected Westinghouse to fetch, reflecting an anticipated worldwide resurgence in building nuclear power plants.

BNFL, which announced a tentative agreement with the Tokyo-based electronics giant last month, said it expects the sale to be completed in about six months.

In a news conference in London, Toshiba reiterated that Westinghouse would remain headquartered in Monroeville and "retain its current intellectual property, equipment and employees."

Toshiba said it would buy 100 percent of Westinghouse but confirmed that it planned to sell minority stakes to "several" unnamed investors.

Marubeni Corp., a Tokyo-based conglomerate, said yesterday that it was in talks about a possible stake. Another Japanese company, Mitsui & Co., and Baton Rouge, La.-based Shaw Group Inc. also reportedly were interested.

Toshiba trumped bids by the two other final contenders, General Electric and Mitsubishi Heavy Industries, BNFL confirmed yesterday. Toshiba's bid made it the "clear winner," BNFL Chief Executive Officer Michael Parker said.

When BNFL put Westinghouse up for sale in July, the company was expected to go for about $2 billion.

The high-priced tussle comes at a time of renewed interest in nuclear energy in the face of high oil and natural gas prices, increased demand for electricity and growing environmental concerns over other power sources such as coal.

"Given the potential, we believe what we've paid is the correct price. There was a lot of competition," Toshiba President Atsutoshi Nishida said yesterday.

Westinghouse manufactures and services what are known as pressurized-water reactors, which are used in the majority of the world's nuclear power plants. It is expected to remain the dominant technology. Toshiba, Japan's biggest maker of nuclear power plant equipment, makes boiling water reactors.

Toshiba said the Westinghouse acquisition should enable it to triple its nuclear energy business by 2015.

Westinghouse, which also processes nuclear fuel, is a key contender for contracts to build four nuclear reactors in China, the first of potentially two dozen or more the Chinese could build in coming years.

There are 24 reactors under construction worldwide, according to the Nuclear Energy Institute, but none in the United States. Several U.S. power companies considering new reactors have said they favor Westinghouse technology if the projects take shape.

The sale of Westinghouse faces regulatory scrutiny, but isn't expected to encounter major snags.