http://chattelevision.ca/__news/altalink-sold-to-warren-buffets-berkshire-hathaway/
ALTALINK
FRIDAY, MAY 02, 2014 -
Canadian engineering giant SNC Lavalin is selling its entire stake in Altalink, the Alberta electricity transmission company. The deal is said to be worth around $3.2 billion which is far beyond what the market had been expecting. The buyer is legendary investor Warren Buffet’s company Berkshire Hathaway.
Altalink delivers electricity to approximately 85% of the province and owns more than half of Alberta’s transmission lines. That’s the reason why NDP leader Brian Mason is calling on the provincial government to block the sale. Mason says, “this is a bad deal for Albertans. They are buying this company with assets of nearly $6 billion and they are buying it for slightly over $3 billion, so they stand to make an enormous profit and that does come at the expense of Albertans.” Mason says that all of the new transmission infrastructure being built in the province will be paid for by taxpayers. Mason says, “the rate payers will now being paying for the assets that will now belong to Bershire Hathaway.”
SNC-Lavalin shares rose 5% to $52.14 in trading Friday on the Toronto Stock Exchange. The deal is expected to close by the end of the year.
ALTALINK
FRIDAY, MAY 02, 2014 -
Canadian engineering giant SNC Lavalin is selling its entire stake in Altalink, the Alberta electricity transmission company. The deal is said to be worth around $3.2 billion which is far beyond what the market had been expecting. The buyer is legendary investor Warren Buffet’s company Berkshire Hathaway.
Altalink delivers electricity to approximately 85% of the province and owns more than half of Alberta’s transmission lines. That’s the reason why NDP leader Brian Mason is calling on the provincial government to block the sale. Mason says, “this is a bad deal for Albertans. They are buying this company with assets of nearly $6 billion and they are buying it for slightly over $3 billion, so they stand to make an enormous profit and that does come at the expense of Albertans.” Mason says that all of the new transmission infrastructure being built in the province will be paid for by taxpayers. Mason says, “the rate payers will now being paying for the assets that will now belong to Bershire Hathaway.”
SNC-Lavalin shares rose 5% to $52.14 in trading Friday on the Toronto Stock Exchange. The deal is expected to close by the end of the year.