Tags: warren buffett | berkshire hathaway | energy | AltaLink

Berkshire to Buy SNC's AltaLink as Buffett Builds Energy Bet

Friday, 02 May 2014 10:51 AM

Berkshire Hathaway Inc. agreed to buy SNC-Lavalin Group Inc.’s AltaLink, the operator of electric transmission lines in Canada, as Warren Buffett’s company expands its investment in energy.

Gross proceeds to SNC-Lavalin from the sale will be about C$3.24 billion ($2.96 billion), the Montreal-based seller said in a statement.

Buffett’s power unit, renamed this week as Berkshire Hathaway Energy, has been expanding through acquisitions under Greg Abel, CEO of the business. The operation purchased NV Energy, Nevada’s largest electricity utility, last year for $5.6 billion.

“The acquisition of AltaLink represents a great long-term opportunity to invest in Alberta’s critical transmission infrastructure,” Abel said in the statement.

AltaLink will operate under its current name as a separate company within the Berkshire energy business and will continue to be headquartered in Calgary, according to the statement.

 

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Berkshire Hathaway Inc. agreed to buy SNC-Lavalin Group Inc.'s AltaLink, the operator of electric transmission lines in Canada, as Warren Buffett's company expands its investment in energy.
warren buffett, berkshire hathaway, energy, AltaLink
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2014-51-02
Friday, 02 May 2014 10:51 AM
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