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Fortis receives last needed regulatory approval for ITC acquisition


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Fortis receives last needed regulatory approval for ITC acquisition

TheKansas Corporation Commission has approved Fortis Inc.'s proposed acquisition of , giving the companiestheir final needed regulatory authorizations.

Thecompanies previously received approvals from the , theIllinois Commerce Commission,the Missouri Public ServiceCommission and the PublicService Commission of Wisconsin in the past three months, accordingto an Oct. 11 news release.

FERCalso approved theplanned $11.3 billion dealin September, and the companies received the early termination of the waitingperiod under the Hart-Scott-Rodino Antitrust Improvements Act in August.

Thedeal, which would mark Fortis' entry into the FERC-regulated transmissionmarket, aggregates to $6.9 billion in cash plus Fortis shares for ITCshareholders, with another $4.4 billion in debt assumed by the Canadiancompany. Following closing of the deal, ITC will become a subsidiary of Fortis,with approximately 27% of the company owned by ITC shareholders.

Separately,Fortis said its shares will begin trading on the New York Stock Exchange, underthe symbol FTS, on or about Oct. 14. Trading will coincide with the closing ofthe acquisition. Fortis will continue trading on the Toronto Stock Exchange,also under the symbol FTS.