The acquisition of ITC Holdings by Fortis is now complete, marking a significant milestone in the company's history. Fortis acquired ITC Holdings in a deal worth $11 billion, expanding its presence in the North American energy market.
The combined entity will operate under the name Fortis, with ITC Holdings' operations becoming a key part of the company's portfolio. This move is expected to enhance Fortis' capabilities and improve its position in the industry.
The acquisition brings together two major players in the energy sector, with Fortis' existing assets and ITC Holdings' expertise combining to create a formidable force.
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ITC Holdings News
ITC Holdings, the parent company of ITC A Fortis Company, is a leading electric transmission company in the United States.
They own and operate high-voltage transmission lines that deliver electricity to millions of people.
In 2010, ITC Holdings acquired the transmission assets of Great Plains Energy, a move that significantly expanded their presence in the Midwest.
This acquisition gave them access to new markets and customers.
ITC Holdings has been recognized for its commitment to safety and reliability, earning numerous awards and certifications from organizations such as the Edison Electric Institute and the American Public Power Association.
Fortis Acquires Holdings Corp
Fortis Inc., a Canada-based electric and gas utility, acquired ITC Holdings Corp for $11.3 billion.
The acquisition is a continuation of Fortis' growth strategy, as stated by Barry Perry, president and CEO of Fortis.
ITC Holdings will become a subsidiary of Fortis, with ITC shareholders receiving about $6.9 billion in Fortis common shares and cash at closing.
Fortis will assume $4.4 billion of consolidated ITC debt.
About 27 percent of common shares of Fortis will be held by ITC shareholders after the acquisition.
Upon completion of the acquisition, Fortis will be one of the top 15 North American public utilities ranked by enterprise value, with an estimated value of $30 billion.
ITC Holdings owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Kansas, and Oklahoma.
Fortis serves more than three million customers across Canada, the United States, and the Caribbean.
Frequently Asked Questions
What does the ITC company stand for?
ITC stands for India Tobacco Company, although its name has undergone changes over the years. The company was originally an acronym for Imperial Tobacco Company of India Limited.
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