Berkshire Hathaway unit to buy Alberta power company

Source: Judy McKinnon, Wall Street Journal • Posted: Tuesday, May 6, 2014

SNC-Lavalin Group Inc. is selling its Alberta-based AltaLink power transmission company to Berkshire Hathaway Energy for $2.92 billion, the Canadian construction giant said.

AltaLink is the largest regulated electricity transmission company in Alberta. Under the terms of the sale, which still needs Canadian government approval, it will continue to be based out of Calgary and will function as a separate unit of Berkshire Hathaway Energy. The companies also said they will pursue joint transmission and distribution-development projects in Canada as well as the United States.”The acquisition of AltaLink represents a great long-term opportunity to invest in Alberta’s critical transmission infrastructure and in Canada,” said Berkshire Hathaway Energy President and CEO Greg Abel (Judy McKinnon, Wall Street Journal, May 2)