06:21:08 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Fortis Inc
Symbol FTS
Shares Issued 284,486,903
Close 2016-10-11 C$ 40.56
Market Cap C$ 11,538,788,786
Recent Sedar Documents

Fortis clears last regulatory hurdle of ITC acquisition

2016-10-11 16:44 ET - News Release

Mr. Barry Perry reports

KANSAS CORPORATION COMMISSION APPROVES FORTIS INC. ACQUISITION OF ITC HOLDINGS CORP

The Kansas Corporation Commission (KCC) has voted to approve the application authorizing Fortis Inc. to proceed with its acquisition of ITC Holdings Corp. This approval completes all required regulatory authorizations for the acquisition.

"We are pleased with the approval from the KCC and look forward to continuing to serve the transmission needs of the state of Kansas," said Barry Perry, president and chief executive officer of Fortis. "Fortis appreciates the work by all federal and state regulators who have considered the Fortis acquisition of ITC."

"We appreciate the work by the KCC commissioners and staff throughout this process," said Joseph L. Welch, chairman, president and chief executive officer of ITC. "We look forward to closing the transaction and finalizing matters related to company integration."

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, the Missouri Public Service Commission and the Public Service Commission of Wisconsin were received on Aug. 16 and Aug. 24, 2016, Sept. 14, 2016, and Oct. 6, 2016, respectively. The Federal Energy Regulatory Commission authorized the acquisition on Sept. 23, 2016. All applicable consents related to the transfer of control of licences were received from the Federal Communications Commission as of Sept. 21, 2016.

Fortis is a leader in the North American electric and gas utility business with 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, 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.