08:04 AM EST, 12/04/2024 (MT Newswires) -- TransAlta ( TAC ) traded 1.3% higher at last look in NYSE pre-market trading Wednesday as it said it completed the acquisition of Heartland Generation and Alberta Power (2000) from Energy Capital Partners for $542 million.

The acquisition includes Heartland's entire business operations in Alberta and British Columbia.

TransAlta ( TAC ) said the price was reduced by about $95 million to reflect the economic benefit of the Heartland business arising since Oct. 31, 2023, resulting in a net cash payment of $215 million before working capital adjustments.

As part of its agreement with the federal Competition Bureau, TransAlta ( TAC ) said it is divesting Heartland's Poplar Hill and Rainbow Lake assets following closing, with the sales process commencing shortly.