Fortis and GIC receive FERC blessing for purchase of ITC
Written By: Stratton Report
September 26, 2016
On September 26, Fortis Inc. announced that the FERC had authorized the acquisition of ITC by Fortis and a subsidiary of GIC.
Barry Perry, President and Chief Executive Officer of Fortis observed:
“This ruling from FERC is a key milestone toward finalizing the transaction. We appreciate the FERC’s conclusion that the transaction is consistent with the public interest. In keeping with Fortis’ operating model, ITC will remain a standalone transmission company, led by their strong, experienced management team and employees. At the same time we remain committed to meeting the energy needs of our existing and future customers and communities.”
Joseph L. Welch, Chairman, President and Chief Executive Officer of ITC noted: “We are pleased with FERC’s ruling and will continue to work through the regulatory approval process at the State level. ITC will continue to maintain local control and remain focused on providing the same standards of operational excellence and reliability.”
Fortis and ITC shareholders approved the acquisition at shareholder meetings in May and June 2016, The closing of the transaction remains subject to receipt of regulatory authorizations from the state of Kansas.
GIC manages Singapore’s foreign reserves and has over US$100 billion in assets under management.