01:06:39 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Fortis Inc
Symbol FTS
Shares Issued 281,600,680
Close 2016-02-09 C$ 37.14
Market Cap C$ 10,458,649,255
Recent Sedar Documents

Globe says Fortis seeking a buyer for 15% to 20% of ITC

2016-02-10 07:28 ET - In the News

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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