Berkshire Hathaway Energy wraps up purchase of Canada’s AltaLink
The acquisition received federal regulatory approvals earlier this year required under the Competition Act in Canada and the Investment Canada Act
Today AltaLink, L.P. announced its acquisition by Berkshire Hathaway Energy (BHE) for about $2.7 billion in cash is complete after receiving the required approval on November 28, 2014, from the Alberta Utilities Commission.
The acquisition received federal regulatory approvals earlier this year required under the Competition Act in Canada and the Investment Canada Act.
AltaLink will remain locally managed and incorporated under the laws of Canada, with its headquarters, senior management team and operations located in Alberta.
There will be no additional cost to ratepayers or reductions in employment levels at AltaLink as a result of the transaction. AltaLink's board of directors will also continue to be comprised of a majority of both independent and Canadian members.
BHE made a series of additional commitments to Canada, in connection with the acquisition's approval under the Investment Canada Act, including:
· All of AltaLink's earnings will be reinvested back into AltaLink, elsewhere in Alberta or other regions of Canada. This commitment will support AltaLink's $2.4 billion investment in Alberta's energy infrastructure expected during the next three years, subject to continued oversight by the Alberta Utilities Commission and the Alberta Electric System Operator.
· At least $2.6 million of new funds from BHE will support Alberta-based academic programs focused on energy-related topics, cultural organizations and community-based programs.
· BHE will maintain AltaLink's commitment to provide $2.6 million over three years in community and charitable contributions across Alberta.
· BHE will share best practices, at no cost, with AltaLink on safety, customer satisfaction, cybersecurity and supplier diversity.
· BHE will provide opportunities for Albertan and other Canadian companies to supply products and services to other BHE businesses.
Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink is an electricity transmission provider in Alberta, Canada.