The Globe and Mail reports in its Friday edition that Fortis ($40.96) is set to take its place among leading continental energy companies as it closes an $11.3-billion (U.S.) acquisition of a U.S. transmission company. The Globe's Shawn McCarthy writes that Fortis expects to close its deal on Friday with ITC Holdings, a Michigan-based company that owns transmission assets in seven U.S. Midwest states. At the same time, it will begin trading on the New York Stock Exchange, a move that will boost the liquidity of its income-oriented shares. With ITC, Fortis is completing its third major U.S. acquisition in the past four years, and 60 per cent of its assets will now be in the United States. ITC represents significant growth opportunities as state governments mandate greater reliance on renewable energy, which requires additional transmission lines to connect the new sources of power to the grid, says Fortis chief executive officer Barry Perry. The ITC acquisition will make Fortis the 13th-largest transmissions and distribution company in North America. With the acquisition of ITC, Fortis plans to spend about $3-billion (U.S.) a year over the next several years on capital projects.