Fortis and GIC complete $11.3 bln acquisition of ITC Holdings
Canadian electric and gas utility business Fortis Inc (TSX: FTS) and Singapore sovereign wealth fund GIC Private Ltd have closed their acquisition of ITC Holdings Corp, an electricity transmission company headquartered in Novi, Michigan. The previously-announced deal had a value of US$11.3 billion. With the close, ITC's common stock will be de-listed from the New York Stock Exchange. The ITC acquisition puts Fortis among the top 15 North American regulated investor-owned utilities ranked by enterprise value, the company said. Earlier this year, GIC agreed to take a 19.9 percent interest in ITC for about US$1.2 billion.
17 October 2016•7 mins read
