Montreal-based global engineer SNC-Lavalin International Inc. announced on Feb. 11 that it would acquire the remaining 24.08% of AltaLink, Calgary, Alberta, becoming the sole owner of Canada’s only independent power transmission company. SNC-Lavalin, which has a 76.92% ownership interest in AltaLink, will purchase the remaining interest from Macquarie Essential Assets Partnership (MEAP) for $213 million. The transaction is subject to approval by the Alberta Utilities Commission. MEAP, formed by Australia-based Macquarie Group in 2003, is Canada’s first fund focusing on infrastructure assets. SNC-Lavalin made the offer in response to an offer from an unidentified third party to acquire the MEAP
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.