Fortis to partner with Singapore's GIC in $11.3 bln ITC deal
Canadian electric and gas utility business Fortis Inc (TSX: FTS) has agreed to partner with Singapore's sovereign wealth fund GIC in its proposed acquisition of ITC Holdings Corp (NYSE: ITC) for about US$11.3 billion. Under the agreement's terms, GIC would acquire a 19.9 percent equity interest in ITC, a U.S. electricity transmission company, for US$1.228 billion in cash. With the GIC agreement, Fortis said it has completed a key component of the ITC acquisition financing. St. John's, N.L.-based Fortis announced plans to buy ITC in February. Once closed later this year, the deal would make Fortis one of North America's top 15 public utilities, the company said.
20 April 2016•8 mins read
