Fortis gains ICC approval to acquire ITC
Fortis, Inc., recently gained the Illinois Commerce Commission’s (ICC) approval to proceed with the acquisition of ITC Holdings Corp., marking another regulatory milestone toward the successful completion of the transaction, aimed at later this 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,” Fortis President and CEO Barry Perry said.
Fortis, based in St. Johns, Canada, is one of the largest electric gas and utility businesses in North America, with operations in the United States, Canada and the Caribbean. ITC is the largest independent electric transmission company in the United States. It is based in Novi, Michigan, and seeks to improve energy reliability and access to consumers.
“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,” ITC President, Chairman and CEO Joseph L. Welch said.
Fortis and ITC shareholders first approved the acquisition at shareholder meetings held on May 5 and June 22. Approval was subsequently granted by the Committee on Foreign Investment on July 8 and the Oklahoma Corporation Commission on August 16.
The acquisition must still gain the approval of the Federal Energy Regulatory Commission and required states.
