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Fortis boosts dividend ahead of ITC deal completion

FortisInc. raised its quarterly common dividend by 6.7%, to 40 Canadiancents per share ahead of the anticipated completion of its proposed US$11.3 billion purchase ofITC Holdings Corp.later this year.

In a Sept. 27 Form 6-K filing, the Canadian company said itis targeting an average annual dividend growth of 6% through 2021. The guidancetakes into account the successful close and integration of ITC deal; reasonableoutcomes of regulatory proceedings for its utilities; and a successfulexecution of the company's five-year, C$9 billion capital plan, excluding ITC.

The dividend will paid Dec. 1 to shareholders of record atthe close of business Nov. 18.

The ITC dealremains subject to KansasCorporation Commission approval.