Fortis to Buy ITC Holdings for $11.3 Billion

 Fortis to Buy ITC Holdings for $11.3 Billion

Fortis and ITC Holdings Corp. (NYSE: ITC) entered into an agreement and plan of merger for Fortis to acquire ITC for $11.3 billion.
 
When the deal is closed, Fortis will be one of the top 15 North American public utilities ranked by enterprise value, with an estimated enterprise value of C$42 billion ($30 billion). Under terms of the deal, ITC shareholders will receive $6.9 billion in Fortis common shares and cash at closing and Fortis will assume approximately $4.4 billion of consolidated ITC debt. Fortis will apply to list its common shares on the New York Stock Exchange and will continue to have its shares listed on the Toronto Stock Exchange.
 
The closing is subject to necessary state approvals, as well as ITC and Fortis shareholder approvals, customary closing conditions and certain regulatory and federal approvals. The closing is set to occur in late 2016.   



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