We’ve just learned about Berkshire Hathaway Energy’s application to purchase SNC-Lavalin Group’s power transmission unit AltaLink and they have received preliminary approval, said James Moore, Canadian industry Minister. He notes that the deal is still in need of approval from the Alberta Utilities Commission.
The deal, worth C$3.2 billion, was announced this past May. The construction company, based out of Montréal, is increasing its focus on construction and engineering operations. Alberta’s largest regulated electricity transmission company, AltaLink, will operate as a separate unit from Berkshire Hathaway Energy, a part of Berkshire Hathaway Inc.
In order to gain approval, Berkshire Hathaway Energy had to promise not to eliminate jobs and state that the company will remain locally. The operations, senior management and headquarters must remain in Alberta. The Board of Directors of the company must continue to include mainly Canadian members.
Berkshire Hathaway Energy has also agreed to invest the profits of AltaLink back into the company or other parts of Canada for five years.