Fortis' Proposed Acquisition of ITC Holdings (ITC) Receives Approval in Illinois
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Fortis Inc. and ITC Holdings Corp. (NYSE: ITC) today announced that the Illinois Commerce Commission ("ICC") has approved its application authorizing Fortis to proceed with its acquisition of ITC. The decision marks another significant advancement in the regulatory approval process. The transaction is expected to close by the end of the year.
"We are pleased to receive approval from the ICC, and look forward to continuing to serve the transmission needs of the State of Illinois," said Barry Perry, President and Chief Executive Officer of Fortis.
"This approval solidifies our continued commitment to the State of Illinois, and we are appreciative of the timely work by the staff, Jo Carroll Energy and the Commissioners throughout this process," said Joseph L. Welch, Chairman, President and Chief Executive Officer of ITC.
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. Approval from the Oklahoma Corporation Commission was received on August 16, 2016. The closing of the acquisition of ITC remains subject to receipt of certain other regulatory authorizations, including FERC and remaining State approvals.
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