Berkshire Hathaway Energy reached a definitive acquisition agreement whereby Berkshire Hathaway Energy will buy AltaLink, a unit of SNC-Lavalin Group Inc.
AltaLink is a regulated transmission-only business, headquartered in Calgary, Alberta, with assets of $5.37 billion as of December 31, 2013, and 2013 revenues of $486.5 million. AltaLink’s assets include 280 substations and about 7,456 miles of transmission lines that help serve 3 million Albertans, which represents 85 percent of the population.
The transaction has been approved by both the SNC-Lavalin and Berkshire Hathaway Energy boards of directors, and is subject to customary closing conditions including required approvals. The transaction is expected to be completed by the end of 2014.
AltaLink will operate as a separate company under Berkshire Hathaway Energy with its current name and will continue to be headquartered and managed in Calgary.
Berkshire Hathaway Energy has also announced that SNC-Lavalin Group and MidAmerican Transmission have mutually agreed to pursue joint transmission projects in North America.
The joint transmission project development agreement between MidAmerican Transmission and SNC-Lavalin Group is designed to bring significant advantages to North American transmission projects, combining the broad infrastructure strengths of SNC-Lavalin Group with the strong track record of MidAmerican Transmission on transmission projects. Through the joint agreement, the parties will look to pursue emerging transmission investment opportunities in Canada and the U.S.