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.