MONTREAL, Feb. 11, 2011 /CNW Telbec/ - SNC-Lavalin, which currently
holds an indirect 76.92% ownership interest in Calgary-based AltaLink
L.P., announced today 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 transaction
is subject to customary closing conditions and regulatory approval,
including approval from the Alberta Utilities Commission.
The offer was presented on January 20, 2011 in response to a binding
offer received by MEAP from a third party pursuant to a right of first
refusal held by SNC-Lavalin to acquire MEAP's 23.08% ownership interest
"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 (TSX:SNC) is one of the leading engineering and construction
groups in the world and a major player in the ownership of
infrastructure, and in the provision of operations and maintenance
services. SNC-Lavalin has offices across Canada and in over 35 other
countries around the world, and is currently working in some 100
countries. In business since 1911, the Company celebrates its 100th anniversary in 2011. www.snclavalin.com.
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