SNC Lavalin seeks AtaLink sale

Canadian contractor SNC Lavalin is looking to sell an unspecified stake in its AltaLink subsidiary, an electricity transmission company based in the Canadian province of Alberta.

AltaLink is owned by SNC Lavalin as part of its concessions portfolio. It is Canada's only fully independent transmission company, and maintains and operates some 12,000 km of transmission lines and 280 substations in the province.

AltaLink owns more than half of Alberta's transmission grid and serves 85% of its population. It reported revenues of CA$ 407 million (US$ 395 million) for 2012.

"Through the company's expertise in transmission and distribution project development, AltaLink has become a unique asset that has achieved the strategic objectives necessary to offer value to new investors, whether public shareholders or financial or strategic partners," SNC president and CEO Robert Card said.

SNC Lavalin added that the sale was part of its wider strategy of reducing its ownership of assets within its infrastructure and concession portfolio.

The news comes after the contractor announced in September that it was selling 66% of its interest in Astoria Project Partners II, the owner of the Astoria II power plant in New York, US.