The Globe and Mail reports in its Wednesday, Feb. 10, edition that Fortis is in a $6.9-billion deal to buy ITC Holdings, which is based in Michigan (all figures U.S.). The Globe's Shawn McCarthy writes that Fortis will pay the equivalent of $44.90 for each ITC share, in the form of $22.57 in cash and 0.752 a Fortis share, a premium of 14 per cent to ITC's closing stock price on Monday. Fortis's shares fell sharply after the announcement. Brompton Funds manager Laura Lau says: "When the market has been difficult, [Fortis] has been a safe haven. This deal adds a perception of risk -- you have to get your head around what they're buying." Ms. Lau says Canadian investors can be unfamiliar with the regulated utility market in the United States, adding that there were some initial fears -- which Fortis allayed -- that the company would have to issue equity to pay for the ITC acquisition. Chief executive officer Barry Perry says the ITC purchase will add to Fortis's already attractive dividend growth and diversify its holdings with about 45 per cent of the expanded company's assets in U.S. federally regulated utilities. ITC bills itself as the biggest independent electric transmission company in the U.S.