Berkshire Hathaway unit buying AltaLink for $2.92B
UNDATED (AP) — Berkshire Hathaway Inc.'s energy unit is buying the rest of Canadian power transmission provider AltaLink for 3.2 million Canadian dollars (about $2.92 billion).
Berkshire Hathaway Energy is buying SNC-Lavalin's equity stake in AltaLink. This will give Berkshire Hathaway Energy full equity ownership of AltaLink.
Warren Buffett's Berkshire Hathaway Energy owns and operates transmission and distribution lines in the U.S. The Des Moines, Iowa, company also owns or contracts more than 28,000 megawatts of electricity generation.
AltaLink will keep its name and continue to run as a separate company under Berkshire Hathaway Energy. Its headquarters will remain in Calgary.
The deal needs regulatory approval from the Alberta Utilities Commission. The regulatory process is expected to close later this year or in early 2015.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.