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Berkshire Hathaway unit purchases AltaLink

December 1, 2014

OMAHA, Neb. (AP) — Berkshire Hathaway Inc.’s utility division has completed its purchase of Canadian power transmission provider AltaLink for 3.1 billion Canadian dollars (about $2.7 billion).

The companies announced Monday the deal was complete. Canadian regulators approved the deal last week.

AltaLink will keep its name and continue to run as a separate company under Berkshire Hathaway Energy. Its headquarters will remain in Calgary.

Warren Buffett’s Berkshire Hathaway Energy owns and operates transmission and distribution lines in the U.S. The Des Moines, Iowa, company also owns or contracts more than 28,000 megawatts of electricity generation.

Berkshire officials say AltaLink ratepayers won’t be charged higher rates because of the deal, and all of AltaLink’s earnings in the next three years will be reinvested in the company.

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