Missouri Public Service Commission Approves Fortis, ITC Holdings (ITC) Merger
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Fortis Inc. (TSX: FTS) and ITC Holdings Corp. (NYSE: ITC) today announced that the Missouri Public Service Commission has approved their application authorizing Fortis to proceed with its acquisition of ITC. The decision marks another significant advancement in the regulatory approval process.
"We are pleased to receive approval from the MPSC, and look forward to continuing to serve the transmission needs of the State of Missouri," said Barry Perry, President and Chief Executive Officer of Fortis. "The transaction continues to move forward on schedule and is expected to close by the end of the year."
"We appreciate the work by the Commissioners and staff throughout this process," said Joseph L. Welch, Chairman, President and Chief Executive Officer of ITC. "We look forward to continued discussions to grow our business across the State."
As is customary in Missouri, the approval order takes effect on a future date; in this case, the order is effective September 24, 2016.
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 and the Illinois Commerce Commission were received on August 16 and August 23, 2016, respectively. 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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