07:44:06 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Fortis Inc
Symbol FTS
Shares Issued 284,187,378
Close 2016-08-16 C$ 42.43
Market Cap C$ 12,058,070,449
Recent Sedar Documents

Fortis receives final OCC OK to acquire ITC Holdings

2016-08-16 16:40 ET - News Release

Mr. Barry Perry reports

FORTIS INC. ACQUISITION OF ITC HOLDINGS CORP. APPROVED BY OKLAHOMA CORPORATION COMMISSION

Fortis Inc. and ITC Holdings Corp. has received final approval from the Oklahoma Corporation Commission (OCC) for the corporation's application to acquire ITC. The approval marks another milestone in the regulatory approval process, with the transaction expecting to close by the end of the year.

"The Oklahoma Corporation Commission plays an important role in protecting the interests of all Oklahomans," said Barry Perry, president and chief executive officer of Fortis. "We are pleased with the approval from the OCC and look forward to continuing to serve the transmission needs of the state of Oklahoma."

"We appreciate the work by the commissioners and staff throughout this process," said Joseph L. Welch, chairman, president and chief executive officer of ITC. "We remain committed to the state of Oklahoma and look forward to continued discussions to grow our business across the state."

Fortis and ITC shareholders approved the acquisition at shareholder meetings held on May 5 and June 22, 2016, respectively. Approval required from the Committee on Foreign Investment in the United States was received on July 8, 2016, and the postfiling waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired on Aug. 10, 2016. The closing of the acquisition of ITC remains subject to receipt of certain other regulatory authorizations, including other state approvals.

About Fortis

Fortis has total assets of approximately $29-billion and fiscal 2015 revenue of $6.7-billion. The corporation's asset mix is approximately 94 per cent regulated (69 per cent electric and 25 per cent gas), with the remaining 6 per cent comprising non-regulated energy infrastructure. The corporation's regulated utilities serve more than three million customers across Canada, the United States and the Caribbean.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.