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Wis. regulators approve Fortis deal for transmission developer ITC Holdings

Wisconsin regulators have cleared 's proposed $11.3 billionacquisition of thetransmission developer ITCHoldings Corp.

The decision from the state Public Service Commission marksanother step in the regulatory approval process for the . The Missouri PublicService Commission approvedthe deal earlier in September, and Illinois regulators .

Fortis in February offered total consideration of $44.90 foreach ITC share, a 33% premium to ITC's unaffected closing price Nov. 27, 2015,prior to ITC's confirmation Nov. 30, 2015, that it had retained financialadvisers for a strategic review.

The deal remains subject to and authorization, according to a Sept. 23 news release.