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US approves Fortis purchase of ITC Holdings

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US approves Fortis purchase of ITC Holdings

The U.S. Committee on Foreign Investment has clearedFortis Inc.'sproposed $11.3 billion purchase of ITC Holdings Corp.

In its review, the committee concluded that the deal poses"no unresolved national security concerns," Fortis said in a July 11release.

The transaction also has been by shareholders of both Fortisand ITC. It now requires approvals from state and federal regulators, includingFERC and the U.S. Federal Trade Commission.

Fortis expects to close the transaction by the end of 2016.