Illinois Approves Fortis' $11.3 Billion Acquisition of ITC Holdings

transmission lines

The Illinois Commerce Commission (ICC) approved Canada-based Fortis Inc.’s request to acquire U.S.-based ITC Holdings Corp (NYSE: ITC).

“We are pleased to receive approval from the ICC, and look forward to continuing to serve the transmission needs of the State of Illinois,” said Barry Perry, President and CEO of Fortis.

Fortis first announced plans for the $11.3 billion acquisition in February. The companies’ shareholders approved the deal in meetings held in May and June. The Committee on Foreign Investment in the United States gave their approval in July, and the post-filing waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired earlier this month. Approval from the Oklahoma Corporation Commission was also received in August.

The closing of the sale by the end of this year is subject to other regulatory authorizations, including FERC and other states.

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