Fortis and ITC receive final approval for acquisition process
Fortis, Inc. announced on Tuesday that it would proceed with its acquisition of ITC Holdings, Inc. after the Kansas Corporation Commission voted to approve its application, providing the final regulatory authorization needed for the companies to begin the acquisition process.
Fortis and ITC held shareholder meetings on May 5 and June 22, respectively, at which the shareholders gave their approval for the acquisition.
“We are pleased with the approval from the KCC, and look forward to continuing to serve the transmission needs of the State of Kansas,” Barry Perry, president and CEO of Fortis, said. “Fortis appreciates the work by all federal and state regulators who have considered the Fortis acquisition of ITC.”
The two companies received necessary approvals from the Committee on Foreign Investment, the Oklahoma Corporation Commission, the Illinois Commerce Commission, the Missouri Public Service Commission and the Public Service Commission of Wisconsin. Final approval from the Federal Energy Regulatory Commission was received on Sept. 23.
“We appreciate the work by the KCC commissioners and staff throughout this process,” Joseph L. Welch, chairman, president and CEO of ITC said. “We look forward to closing the transaction and finalizing matters related to company integration.”
