SNC-Lavalin finalizes AltaLink sale for $3.1B
Berkshire Hathaway Energy will reinvest all of AltaLink’s earnings back into its Canadian operations.
MONTREAL — Berkshire Hathaway Energy has acquired Alberta-based energy transmission company AltaLink from SNC-Lavalin Inc. for $3.1 billion.
Part of the sale will see SNC-Lavalin and MidAmerican Transmission, a subsidiary of Berkshire Hathaway Energy, develop engineering, procurement and construction opportunities within North America, including emerging transmission investments.
MidAmerican Transmission has developed approximately $1.6 billion of transmission projects and has considerable experience in traditional utility and stand-alone transmission projects.
The deal, which was first announced in May, received federal approval under the Competition Act and the Investment Canada Act – a requirement for deals this big involving foreign buyers.
Berkshire Hathaway Energy (previously known as MidAmerican Energy Holdings Company until 2014) is a holding company that’s 89.8% owned by Warren Buffet’s Berkshire Hathaway. It has committed to reinvest 100% of AltaLink’s earnings back into the company’s operations throughout Canada.