Wells Fargo Downgrades ITC Holdings (ITC) to Market Perform
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Fortis Inc. To Acquire ITC Holdings Corp. For US$11.3 billion
February 9, 2016 6:01 AM ESTST. JOHN'S, Newfoundland and NOVI, Mich., Feb. 9, 2016 /PRNewswire/ --
Highlights
The acquisition aligns with Fortis' financial objectives by providing approximately 5%Â earnings per common share accretion in the first full year following closing, excluding one-time acquisition-related expenses. Fortis continues to target 6% average annual dividend growth through 2020. ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along approximately 15,600 miles of transmission line. Fortis will become one of the top 15 North American public utilities ranked by enterprise... More