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SNC-Lavalin gets green light to sell AltaLink

Staff writer |
SNC-Lavalin has received all necessary regulatory approvals in order to reach financial close on the sale of its 100-percent equity stake in AltaLink, Alberta's largest regulated electricity transmission company, to Berkshire Hathaway Energy.

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SNC-Lavalin received approvals from the Alberta Utilities Commission (AUC) and approvals pursuant to the Competition Act and Investment Canada Act. SNC-Lavalin expects to reach financial close as soon as possible.

SNC-Lavalin announced on May 1, 2014 that it has entered into a binding agreement to sell 100 percent of its interest in AltaLink to Berkshire Hathaway Energy.

Based on the terms of the agreement and assuming a December 31, 2014 closing date, gross proceeds to SNC-Lavalin from the sale will be approximately $3.2 billion.

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