OMAHA â€" Berkshire Hathaway‘s energy division agreed on Thursday to buy AltaLink, Canda’s main energy transmission companies, for about $2.9 billion.
The deal â€" struck on the eve of Berkshire’s annual investor meeting here â€" is the latest takeover struck by the conglomerate’s energy arm, a sprawling group of businesses that encompasses $70 billion in assets and services 8.4 million customers.
Once known as MidAmerican Energy, the business has struck acquisitions like the $5.6 billion purchase of the Nevada utility NV Energy last year.
Now it is buying AltaLink, which operates power transmission services for about 85 percent of Alberta. Based in Calgary, it operates 280 substations and about 12,000 kilometers of transmission lines. The company reported about $487.3 million in revenue last year
Under the terms of the transaction, AltaLink will be run as a separate company within Berkshire Hathaway Energy.
“AltaLink’s values align with our core principles, including the commitment to employees and their safety, customers, regulators and relationships with key stakeholders,†Greg Abel, the chairman and chief executive of the Berkshire energy unit, said in a statement.
Berkshire Hathaway Energy is acquiring control of the company from SNC-Lavalin, the big Montreal-based engineering concern.
The deal is expected to close by early next year, pending regulatory approval.
