In a $2.9-billion deal that seems to work for both participants for different reasons, Canadian engineer SNC-Lavalin Group Inc. said on May 1 that it will sell its 100% stake in AltaLink, Alberta's largest regulated electricity transmission firm, to Berkshire Hathaway Energy, a unit of the firm run by investor Warren Buffett.
Montreal-based SNC-Lavalin aims to use the cash to boost its core design-and-construction business, while the Des Moines, Iowa-based buyer gains a power-sector foothold in Canada and added revenue growth.