The utility division at Berkshire Hathaway has finished his purchase of Altalink, a Canadian power transmission provider. The total purchase price was C$3.1 billion which comes to US$2.7 billion.
Yesterday, the companies announced that this deal was complete. Regulators in Canada approved the purchase last week.
The company – AltaLink – is going to keep its name. It is also going to continue running as a separate entity under the Berkshire Hathaway Energy division. Lastly, company headquarters are going to remain in Calgary.
Berkshire Hathaway Energy, owned by Warren Buffett, also owns and operates distribution and transmission lines in the United States.
Finally, Berkshire Hathaway officials say that AltaLink ratepayers do not have to worry about paying higher rates because of this purchase. Whatever the company earns over the next three years is going to be reinvested back into the business.