08:32:31 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Fortis Inc
Symbol FTS
Shares Issued 284,469,632
Close 2016-09-22 C$ 42.57
Market Cap C$ 12,109,872,234
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Fortis receives Wisconsin OK for ITC acquisition

2016-09-23 06:55 ET - News Release

Mr. Barry Perry reports

PUBLIC SERVICE COMMISSION OF WISCONSIN VOTES TO APPROVE FORTIS INC. ACQUISITION OF ITC HOLDINGS CORP.

The Public Service Commission of Wisconsin (PSCW) has voted to approve the application authorizing Fortis Inc. to proceed with its acquisition of ITC Holdings Corp., subject to conditions consistent with those proposed in the application, to be confirmed in an official commission order to follow. This marks another significant advancement in the regulatory approval process for this transaction.

"We are pleased with the vote from the PSCW and look forward to doing business in the state of Wisconsin," said Barry Perry, president and chief executive officer of Fortis. "We appreciate the thoughtful deliberation of the commission in working through the complexities of the case."

"We also appreciate the work by the commissioners and staff throughout this process and for reaffirming ITC's independent status," said Joseph L. Welch, chairman, president and chief executive officer of ITC. "We look forward to continuing our MVP 5 project development work with our utility partners in Wisconsin."

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 Aug. 10, 2016. Approvals from the Oklahoma Corporation Commission, the Illinois Commerce Commission and the Missouri Public Service Commission were received on Aug. 16, 2016, Aug. 24, 2016, and Sept. 14, 2016, respectively. All applicable consents related to the transfer of control of licences were received from the FCC as of Sept. 21, 2016. The closing of the transaction remains subject to receipt of regulatory authorizations from FERC and the State of Kansas.

Fortis has total assets of approximately $29-billion and had fiscal 2015 revenue of $6.7-billion. The corporation's asset mix is approximately 94 per cent regulated (69 per cent electric, 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.

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