Missouri Regulators Approve Fortis' $11.3B Acquisition of ITC Holdings

handshake

The Missouri Public Service Commission approved the proposed $11.3 billion acquisition of U.S.-based ITC Holdings Corp. (NYSE: ITC) by Canada-based Fortis Inc. As is customary in Missouri, the approval order takes effect at a later date, which will be September 24, 2016.

Fortis and ITC shareholders approved the acquisition at shareholder meetings held on May 5 and June 22, respectively. The Committee on Foreign Investment in the United States approved the deal on July 8, and the post-filing waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired August 10. Approvals from the Oklahoma Corporation Commission and the Illinois Commerce Commission were received in August.

The closing of the transaction remains subject to receipt of other regulatory authorizations, including FERC and remaining state approvals. The acquisition is set to be completed in late 2016.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...