ITC Holdings (ITC), Fortis Receive PSCW Approval for Proposed Merger
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Fortis Inc. and ITC Holdings Corp. (NYSE: ITC) announced that the Public Service Commission of Wisconsin ("PSCW") has voted to approve their application authorizing Fortis to proceed with its acquisition of ITC, subject to conditions consistent with those proposed in the application, to be confirmed in an official Commission Order to follow. This marks another significant advancement in the regulatory approval process for this transaction.
"We are pleased with the vote from the PSCW, and look forward to doing business in the State of Wisconsin," said Barry Perry, President and Chief Executive Officer of Fortis. "We appreciate the thoughtful deliberation of the Commission in working through the complexities of the case."
"We also appreciate the work by the Commissioners and staff throughout this process and for reaffirming ITC's independent status," said Joseph L. Welch, Chairman, President and Chief Executive Officer of ITC. "We also look forward to continuing our MVP 5 project development work with our utility partners in Wisconsin."
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. All applicable consents related to the transfer of control of licenses were received from the FCC as of September 21, 2016. The closing of the transaction remains subject to receipt of regulatory authorizations from FERC and the state of Kansas.
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