Fortis Inc. and ITC Holdings Corp. announced that the Illinois Commerce Commission has approved its application authorizing Fortis to proceed with its acquisition of ITC.
The decision marks another advancement in the regulatory approval process. The transaction is expected to close by the end of the year.
"This approval solidifies our continued commitment to the State of Illinois and we are appreciative of the timely work by the staff, Jo Carroll Energy and the Commissioners, throughout this process," said Joseph L. Welch, Chairman, President and CEO of ITC.
Fortis and ITC shareholders approved the acquisition at shareholder meetings held on May 5 and June 22, 2016, respectively. Approval required from the Committee on Foreign Investment in the United States was received on July 8, 2016, and the post-filing waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired August 10, 2016.
Approval from the Oklahoma Corporation Commission was received on August 16, 2016. The closing of the acquisition of ITC remains subject to receipt of certain other regulatory authorizations, including FERC and remaining state approvals.