Fortis, ITC Holdings (ITC) Deal Approved by FERC
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Fortis Inc., ITC Holdings Corp. (NYSE: ITC) and GIC Private Limited announced that the Federal Energy Regulatory Commission ("FERC") has authorized the acquisition of ITC by Fortis and a subsidiary of GIC.
"This ruling from FERC is a key milestone toward finalizing the transaction," said Barry Perry, President and Chief Executive Officer of Fortis. "We appreciate the FERC's conclusion that the transaction is consistent with the public interest."
"In keeping with Fortis' operating model, ITC will remain a standalone transmission company, led by their strong, experienced management team and employees. At the same time we remain committed to meeting the energy needs of our existing and future customers and communities," added Mr. Perry.
"We are pleased with FERC's ruling and will continue to work through the regulatory approval process at the State level," said Joseph L. Welch, Chairman, President and Chief Executive Officer of ITC. "ITC will continue to maintain local control and remain focused on providing the same standards of operational excellence and reliability."
"The endorsement from both Fortis and ITC shareholders, State approvals received to date, and the FERC authorization, supports our confidence that this transaction will close by year end," concluded Mr. Perry.
Fortis and ITC shareholders approved the acquisition at shareholder meetings held on May 5 and June 22, 2016, respectively. Approval required from the Committee on Foreign Investment in the United States was received on July 8, 2016, and the post-filing waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired August 10, 2016. Approvals from the Oklahoma Corporation Commission, the Illinois Commerce Commission and the Missouri Public Service Commission were received on August 16, 2016, August 24, 2016 and September 14, 2016, respectively. The Public Service Commission of Wisconsin voted on September 22, 2016 to approve the acquisition, subject to conditions to be confirmed in an official Commission Order to follow. All applicable consents related to the transfer of control of licenses were received from the Federal Communications Commission as of September 21, 2016. The closing of the transaction remains subject to receipt of regulatory authorizations from the state of Kansas.
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