SNC-Lavalin to sell AltaLink for $3.2B

MONTREAL — SNC-Lavalin (TSX: SNC) announced Thursday that it is selling AltaLink, Alberta’s largest regulated electricity transmission company, to a subsidiary of the holding company run by U.S. financier Warren Buffett for gross proceeds of $3.2 billion.

MONTREAL — SNC-Lavalin (TSX: SNC) announced Thursday that it is selling AltaLink, Alberta’s largest regulated electricity transmission company, to a subsidiary of the holding company run by U.S. financier Warren Buffett for gross proceeds of $3.2 billion.

The deal with Berkshire Hathaway Energy, owned by Bershire Hathaway Inc., is expected to close Dec. 31 and represents what the Montreal-based engineering giant says is “another significant step” in its strategic plan to unlock and create value from its portfolio of infrastructure concession investments.

AltaLink, owns more than half of Alberta’s transmission grid, some 12,000 kilometres of transmission lines, as well as 280 substations, delivering electricity to about 85 per cent of the province’s population.

“After a robust process that drew considerable interest, we are very pleased to announce a transaction that recognizes significant value for AltaLink — a unique regulated asset in a high-growth electricity market —while also providing for a continued relationship with SNC-Lavalin,” president and CEO Robert Card said in a statement announcing the deal after markets closed.

“I would like to thank AltaLink’s employees, who have helped make their company so successful. I know they will have a bright future and benefit from enhanced career opportunities as part of Berkshire Hathaway Energy,” Card added.

“The sale of AltaLink will help us build value for our company by providing opportunities to advance our E&C (engineering and construction) growth strategy.”

Meanwhile, SNC and MidAmerican Transmission, a subsidiary of Berkshire Hathaway Energy, have also mutually agreed to develop engineering, procurement and construction opportunities in the United States and Canada.

“The agreement combines the engineering and construction management strengths of SNC-Lavalin with the strong track record of MidAmerican Transmission on joint transmission projects with other entities,” SNC said.

Completion of the sale is subject to customary regulatory approvals, including approval by the Alberta Utilities Commission and approvals pursuant to the Competition Act and Investment Canada Act, which requires that deals of this size involving foreign buyers are of net benefit to Canada.

Based in Des Moines, Iowa, Berkshire Hathaway Energy, with assets of some $70 billion, owns and operates some 284,000 kilometres of transmission and distribution lines. Its subsidiary, MidAmerican Transmission, owns transmission lines throughout the U.S. and Canada.

SNC-Lavalin is one of the leading engineering and construction groups in the world and is a major player in the ownership of infrastructure and in the provision of operations and maintenance services.

Just Posted

Updated: SUV smashes through fences and deck in Anders

Driver taken to hospital after SUV veered off 30th Avenue into Anders

Red Deer’s new ‘equity co-ordinator’ will promote tolerance

Andrea Lacoursiere was hired by city with Alberta Human Rights funding

More bridge work this summer in Red Deer’s Coronation Park

The park’s north bridge is being rebuilt to ensure safety

Man badly injured in off-road vehicle collision on Saturday

Incident happened in Mountain View County about 10:50 p.m.

Heat warning in effect for Central Alberta

Environment Canada has issued a heat warning for Central Alberta. Residents in… Continue reading

CFIA inspects after video shows pigs crammed into B.C. transport truck

The video shows pigs piled on top of one another in a transport truck on a “sweltering” hot day last week

Lava crashes through roof of Hawaii tour boat, injuring 23

HONOLULU — An explosion caused by lava oozing into the ocean sent… Continue reading

Banff holds blessing ceremony with Indigenous elders before letting bison roam

BANFF, Alta. — Several Indigenous elders were flown by helicopter into the… Continue reading

Research expedition looks at unseen depths of Labrador Sea ecosystem

ST. JOHN’S, N.L. — Last summer, a team of scientists returned from… Continue reading

Protesters camped outside Saskatchewan legislature taking province to court

REGINA — Protesters camped outside the Saskatchewan legislature say they are taking… Continue reading

British PM accepts key amendments from hardline Brexiteers

LONDON — British Prime Minister Theresa May on Monday accepted amendments to… Continue reading

‘City of icebergs:’ Study says 100s of Arctic glaciers shrinking, disappearing

The statistics in her recently published paper say it all: hundreds of… Continue reading

U.S. hits back with WTO challenge against Canada’s retaliatory tariffs

OTTAWA — The United States fired back Monday at the Canadian government’s… Continue reading

Croatia gears up to give heroes’ welcome to World Cup team

ZAGREB, Croatia — Fans are pouring in from throughout the country as… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month