Public Service Commission of Wisconsin approves Fortis’ acquisition of ITC
The Public Service Commission of Wisconsin (PSCW) voted on Friday to approve an application by Fortis, Inc., that will authorize the acquisition of ITC Holdings Corp.
“We are pleased with the vote from the PSCW, and look forward to doing business in the State of Wisconsin,” Barry Perry, president and chief executive officer of Fortis, said. “We appreciate the thoughtful deliberation of the Commission in working through the complexities of the case.”
Shareholders from Fortis and ITC gave their approval for the acquisition process at meetings on May 5 and June 22, respectively, with approval from the Committee on Foreign Investment in the U.S. following on July 8. Three further approvals from the Oklahoma Corporation Commission, the Illinois Commerce Commission and the Missouri Public Service Commission were received between Aug. 16 and Sept. 14.
“We also appreciate the work by the Commissioners and staff throughout this process and for reaffirming ITC’s independent status,” Joseph L. Welch, chairman, president and CEO of ITC, said. “We also look forward to continuing our MVP 5 project development work with our utility partners in Wisconsin.”
Following the approval, PSCW will issue an official commission order containing conditions with which Fortis and ITC will be required to comply. The conditions of the order will be consistent with those contained in the initial application.
