Fortis Announces KCC Approval for ITC Holdings (ITC) Acquisition
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Fortis Inc. and ITC Holdings Corp. (NYSE: ITC) announced today that the Kansas Corporation Commission ("KCC") has voted to approve their application authorizing Fortis to proceed with its acquisition of ITC. This approval completes all required regulatory authorizations for the acquisition.
"We are pleased with the approval from the KCC, and look forward to continuing to serve the transmission needs of the State of Kansas," said Barry Perry, President and Chief Executive Officer of Fortis. "Fortis appreciates the work by all federal and state regulators who have considered the Fortis acquisition of ITC."
"We appreciate the work by the KCC commissioners and staff throughout this process," said Joseph L. Welch, Chairman, President and Chief Executive Officer of ITC. "We look forward to closing the transaction and finalizing matters related to company integration."
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, the Missouri Public Service Commission and the Public Service Commission of Wisconsin were received on August 16 and 24, 2016, September 14, 2016 and October 6, 2016, respectively. The Federal Energy Regulatory Commission authorized the acquisition on September 23, 2016. All applicable consents related to the transfer of control of licenses were received from the Federal Communications Commission as of September 21, 2016.
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