Federal Energy Regulatory Commission Authorizes ITC Acquisition By Fortis

(RTTNews) - Fortis Inc. (FTS.TO), ITC Holdings Corp. (ITC) and GIC Private Ltd. Monday said the Federal Energy Regulatory Commission has authorized the acquisition of ITC by Fortis and a subsidiary of GIC. The commission noted that the transaction is consistent with the public interest.

As per the agreement, ITC will remain a standalone transmission company and will continue to maintain local control.

Fortis and ITC shareholders approved the acquisition at shareholder meetings held on May 5 and June 22, 2016, respectively.

The closing of the transaction remains subject to receipt of regulatory authorizations from the state of Kansas.