SNC-LAVALIN EXERCISES RIGHT OF FIRST REFUSAL FOR REMAINING INTEREST IN ALTALINK
February 11 2011 - 7:57AM
PR Newswire (Canada)
MONTREAL, Feb. 11, 2011 /CNW/ -- 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 in AltaLink. "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
100(th) anniversary in 2011. www.snclavalin.com. To view this news
release in HTML formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/February2011/11/c9942.html
table border="1" cellspacing="0" class="cnwBorderedTable"tr
valign="top"td align="left" valign="top"Media/td td align="left"
valign="top"Investors/td/tr tr valign="top"td align="left"
valign="top"Leslie Quintonbr/ Vice-President, Global Corporate
Communicationsbr/ SNC-Lavalin Group Inc. br/ 514-393-8000,
ext. 7354br/ a text-decoration="underline"
href="mailto:leslie.quinton@snclavalin.com"leslie.quinton@snclavalin.com/a/td
td align="left" valign="top"Denis Jasminbr/ Vice-President,
Investor Relationsbr/ SNC-Lavalin Group Inc.br/ 514-393-8000, ext.
7553br/ a
href="mailto:denis.jasmin@snclavalin.com"denis.jasmin@snclavalin.com/a/td/tr/table
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