One of the leading engineering and construction groups in the world is getting a little bigger.
SNC-Lavalin will soon own all of AltaLink L.P. SNC-Lavalin has offices across Canada and in over 35 other countries around the world. (On a side note, SNC-Lavalin celebrates its 100th anniversary this year.)
SNC-Lavalin, which currently holds an indirect 77% ownership interest in Calgary-based AltaLink L.P., announced that it will acquire the remaining interest in the limited partnership pursuant to an offer received from Macquarie Essential Assets Partnership (MEAP) for $213 million.
The offer was presented in response to a binding offer received by MEAP from a third party to a right of first refusal held by SNC-Lavalin to acquire MEAP's 23.08% ownership interest in AltaLink, on January 20, 2011.
"AltaLink is a core investment for SNC-Lavalin. It has a proven track record, and we trust it will continue to provide excellent services to the people of Alberta," said Gilles Laramée, Executive Vice-President and Chief Financial Officer, SNC-Lavalin Group Inc.
"SNC-Lavalin has been working in Alberta for nearly 40 years and has a strong presence with over 2,000 employees based in the province, including our global centres of excellence for Transmission and Distribution, and Chemicals and Petroleum, which are both based in Calgary."
AltaLink is Canada's only fully independent transmission company, and is responsible for the maintenance and operation of approximately 11,800 kilometres of transmission lines and 270 substations in Alberta.
It owns more than half of Alberta's transmission grid and serves 85 per cent of its population.
SNC-Lavalin will soon own all of AltaLink L.P. SNC-Lavalin has offices across Canada and in over 35 other countries around the world. (On a side note, SNC-Lavalin celebrates its 100th anniversary this year.)
SNC-Lavalin, which currently holds an indirect 77% ownership interest in Calgary-based AltaLink L.P., announced that it will acquire the remaining interest in the limited partnership pursuant to an offer received from Macquarie Essential Assets Partnership (MEAP) for $213 million.
The offer was presented in response to a binding offer received by MEAP from a third party to a right of first refusal held by SNC-Lavalin to acquire MEAP's 23.08% ownership interest in AltaLink, on January 20, 2011.
"AltaLink is a core investment for SNC-Lavalin. It has a proven track record, and we trust it will continue to provide excellent services to the people of Alberta," said Gilles Laramée, Executive Vice-President and Chief Financial Officer, SNC-Lavalin Group Inc.
"SNC-Lavalin has been working in Alberta for nearly 40 years and has a strong presence with over 2,000 employees based in the province, including our global centres of excellence for Transmission and Distribution, and Chemicals and Petroleum, which are both based in Calgary."
AltaLink is Canada's only fully independent transmission company, and is responsible for the maintenance and operation of approximately 11,800 kilometres of transmission lines and 270 substations in Alberta.
It owns more than half of Alberta's transmission grid and serves 85 per cent of its population.
