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Des Moines, Iowa-based Berkshire Hathaway Energy has purchased AltaLink, an indirect, wholly owned subsidiary of engineering and construction provider SNC-Lavalin Group Inc., for approximately $2.9 billion in cash.

AltaLink is a regulated transmission-only business headquartered in Calgary, Alberta. The company's assets include 280 substations and approximately 12,000 kilometers of transmission lines.

According to Berkshire, AltaLink will operate as a separate company under its current name and continue to be headquartered and managed in Calgary. The transaction, which has been approved by both the SNC-Lavalin and Berkshire boards of directors, is expected to be complete by the end of this year.

In addition, SNC-Lavalin and Berkshire subsidiary MidAmerican Transmission have mutually agreed to pursue joint transmission projects in North America. The parties will pursue emerging transmission investment opportunities in Canada and the U.S.

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