Berkshire Hathaway Energy's application to buy SNC-Lavalin Group
Inc.'s AltaLink power transmission unit has received preliminary
approval, Canadian Industry Minister James Moore said, noting the
deal still needs approval from the Alberta Utilities
Commission.
The 3.2 billion-Canadian-dollar ($2.92 billion) deal was
announced in May, part of the Montreal-based construction giant's
increased focused on its engineering and construction
operations.
AltaLink, Alberta's largest regulated electricity transmission
company, is to operate as a separate unit of Berkshire Hathaway
Energy, part of Warren Buffett's Berkshire Hathaway Inc.
As part of the approval, Berkshire Hathaway Energy has agreed
not to cut jobs and that AltaLink will remain locally managed with
headquarters, senior management and operations remaining in
Alberta. The company's board of directors will also continue to
include mostly Canadian members.
Among other conditions, Berkshire Hathaway Energy agreed to
invest AltaLink's profit for five years back into the company or
elsewhere in Canada.
--Judy McKinnon contributed to this article.
Write to Maria Armental at maria.armental@wsj.com
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