The Globe and Mail reports in its Wednesday, Feb. 10, edition that Fortis wants another investor
to take a bite out of its latest
acquisition.
The Globe's Jacqueline Nelson writes that Fortis's
$6.9-billion (U.S.) deal for
ITC Holdings has only just
been announced, and already
the buyer is hoping to sell a
chunk of the business.
Partnering is not an unusual
approach on a deal like this, but it is uncommon to see a
deal come to market before all
the participants are lined up.
Fortis wants to find a buyer for
between 15 per cent and 20 per
cent of ITC as part of the plan
to help finance the deal.
Fortis believes "there are significant
pools of capital that would
express very serious interests in
investments such as this." Fortis says there is "tremendous demand for
high-quality assets of this
nature."
Chief executive officer Barry Perry says he
would favour a deal
with just one other investor. He says he is optimistic
Fortis can structure terms that are attractive
to it, "attractive to ITC and
attractive to a minority investor."
The Ontario Municipal
Employees Retirement System's Borealis Infrastructure has been cited as a
possible bidder. Omers wants to own more
infrastructure.
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