Berkshire Hathaway Energy has agreed to purchase AltaLink, an indirect, wholly owned subsidiary of SNC-Lavalin Group, for an estimated value of CAD3.2bn ($2.9bn) in cash.
Both the company’s board members have approved the transaction and is subject to customary closing conditions including required approvals. Meanwhile, the transaction is estimated to complete by 2014.
AltaLink is a regulated transmission-only business with assets of CAD5.9bn as of December 31, 2013.
The assets of the company include 280 substations and approximately 12,000km of transmission lines, which serves three million Albertans.
Berkshire Hathaway chairman, president and CEO Greg Abel said, "AltaLink’s values align with our core principles, including the commitment to employees and their safety, customers, regulators and relationships with key stakeholders.
"The acquisition of AltaLink represents a great long-term opportunity to invest in Alberta’s critical transmission infrastructure and in Canada.
"We see this as a great addition to the Berkshire Hathaway Energy family, and we look forward to having AltaLink continue to support the economic growth and evolving energy needs of Alberta."
AltaLink will continue its operations as a separate entity under Berkshire Hathaway with the same name.
MidAmerican Transmission president John Cupparo said, "We are pleased to be working with AltaLink’s dedicated employees and management team.
"We look forward to AltaLink continuing to execute its business plans and delivering reliable service to Alberta."
Image: Berkshire Hathaway announces acquisition of SNC-Lavalin’s AltaLink. Photo: courtesy of Berkshire Hathaway Energy.