SNC-Lavalin finalizes $3.1B sale of AltaLink
December 3, 2014 by Alyssa Dalton
Dec. 3, 2014 – SNC-Lavalin has finalized its sale of AltaLink, an Alberta-based regulated electricity transmission company, to Berkshire Hathaway Energy (BHE) for $3.1 billion.
Part of the overall sale agreement will see SNC-Lavalin and MidAmerican Transmission, a subsidiary of BHE, develop engineering, procurement and construction opportunities together within North America, including emerging transmission investments. MidAmerican Transmission has developed about $1.6 billion of transmission projects and has experience in traditional utility and stand-alone transmission projects.
“Throughout our history, AltaLink’s commitment to building, owning and operating a safe, reliable and cost-effective transmission system has powered Alberta’s economy,” said Scott Thon, president and CEO of AltaLink. “Our dedication to Alberta is absolute. We remain locally managed to ensure that we continue to provide the service Albertans expect and deserve.”
100 per cent of AltaLink’s earnings will be reinvested back into the company’s operations throughout Canada, noted BHE.
“The values of BHE align with AltaLink’s values and with those of Albertans,” said Greg Abel, chair, president and CEO of BHE. “Our core principles include a strong commitment to employees and their safety, second-to-none customer service, and open, transparent relationships with regulators and key stakeholders.
We are pleased to have an opportunity to play a role in Alberta’s economy and to support the continued development of its economic engine.”
AltaLink will remain locally managed and incorporated under the laws of Canada, with its headquarters, senior management team and operations located in the province.