🍒 Fortis’ $B Acquisition of ITC Holdings Marks Foray into U.S. Regulated Markets

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Fortis' plan to acquire ITC for $ cash and Fortis share per ITC share is anticipated to provide an immediate return to Fortis'.


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Fortis completes acquisition of ITC, eyes renewable power shift for growth | Financial Post
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(“Fortis” or “the Corporation”) (TSX:FTS), ITC Holdings Corp. (“ITC”) (NYSE:ITC) and GIC Private Limited (“GIC”) today announced that the Federal Energy.


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On February 9, , we entered into an agreement to acquire ITC. The acquisition of ITC represents a singular opportunity for Fortis to significantly diversify its.


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On the day St. John's-based Fortis closed the largest deal in its history — the US​$billion acquisition of Michigan-based ITC Holdings Corp.


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Press Releases Fortis Inc. and GIC Private Limited Complete Acquisition of ITC Holdings Corp. (October 14, ) View the press release. Kansas Corporation.


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Canadian utility Fortis wants to acquire ITC Holdings Corp., the largest independent electric transmission company in the U.S., to benefit from.


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Davies advised Fortis Inc. in its US$billion acquisition of ITC Holdings Corp., the largest independent electric transmission company in the.


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fortis itc acquisition

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In , Fortis announced its acquisition of UNS Energy, an Arizona utility company. On February 9, , Fortis announced an agreement to acquire ITC.


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Fortis Inc * Fortis Inc. announces completion of CFIUS review of ITC acquisition * Transaction is expected to close by the end of this year. Source text for.


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On February 9, , we entered into an agreement to acquire ITC. The acquisition of ITC represents a singular opportunity for Fortis to significantly diversify its.


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Barry V. Fortis will expand its footprint from its current operations in five Canadian provinces, the U. Dear Fellow Shareholders:. How can I vote my shares?{/INSERTKEYS}{/PARAGRAPH} You have the right to vote your Common Shares on items 2 through 5 listed above and any other items that may properly come before the Meeting or any adjournment or postponement thereof. The Acquisition is not conditional on financing and Fortis has commitments for Acquisition Credit Facilities in place that would be sufficient, if necessary, to fund the full Cash Purchase Price for the Acquisition. Why is ITC such a good strategic fit for Fortis? The Acquisition presents a singular opportunity for Fortis to significantly grow and diversify its business through an accretive transaction consistent with our long-term strategy of profitable growth. David C. Following closing of the acquisition, Fortis will proudly remain a Newfoundland and Labrador company, unique among North American utilities in the diversity of its regulated utility businesses and low risk profile. Your Board of Directors has unanimously approved the acquisition and unanimously recommends that Shareholders vote FOR the resolution approving the issuance of Common Shares in connection with the acquisition. A live webcast of the Meeting will be available on our website at www. Significantly enhances regulatory diversity and lowers overall rate regulatory risk. {PARAGRAPH}{INSERTKEYS}Exhibit May 5, Annual and Special Meeting. ITC Holdings Corp. We are excited to present this unique opportunity for Fortis to significantly grow and diversify its business to our Shareholders. The Meeting will be held for the following purposes:. Notice of Annual and Special Meeting. Accretive to EPS. The acquisition will support our average annual dividend growth target. Registered Shareholders must complete their voting instructions, date and sign the form, and return it to Computershare as instructed. Did the Board of Directors of Fortis receive a fairness opinion in connection with the Acquisition? ITC shareholders and other persons in the U. Accretive to EPS in the first full year following Closing, excluding one-time Acquisition-related expenses. Acquisition of the largest independent fully-regulated electric transmission utility in the U. Fortis Today. FERC provides incentives for infrastructure investment and its simple rate-setting process with true-up reduces the regulatory lag found in some markets. As of the record date, there were ,, Common Shares issued and outstanding. These increases coupled with the initiation of dividend increase guidance of 6 per cent on average annually through demonstrate our confidence in the future of Fortis. The following is intended to answer certain key questions concerning the Meeting and the Acquisition and is qualified in its entirety by the more detailed information appearing elsewhere in this Circular. Cultural similarities: track record of operational excellence and focus on regulated business. We thank you for your support of our company, Fortis Inc. Proven Management Team. Fortis experienced considerable growth in , and the acquisition of ITC presents an opportunity to accelerate our growth strategy. By Order of the Board of Directors. A Shareholder who acquires their Common Shares after the record date may request, not later than 10 days before the Meeting, that their name be included in the list of Shareholders eligible to vote at the Meeting, and upon establishing proper ownership, the Shareholder shall be entitled to vote their Common Shares at the Meeting. Upon completion of the deal, Fortis will be a unique, highly diversified, low-risk regulated energy transportation platform. The Common Shares to be issued by Fortis as partial consideration will represent up to If Shareholder approval is not obtained, Fortis will not be able to complete this highly attractive acquisition. Why did I receive this Circular? The annual and special meeting of shareholders of Fortis Inc. Will Fortis still be the same company following the Acquisition? The acquisition of ITC also affords Fortis the opportunity to capitalize upon market trends including historical under-investment in infrastructure, enhancements to power delivery reliability and clean energy initiatives in the United States. Non-registered Shareholders must follow the instructions of their respective nominees. What are the voting approval levels required to pass the Meeting resolutions? Execution-oriented with a focus on safety, reliability and managing projects on time and on budget. Your Board of Directors unanimously recommends that Shareholders vote FOR all nominees and resolutions at the Meeting, including the resolution approving the issuance of Common Shares in connection with the acquisition. Fortis does not expect to drawdown on the Acquisition Credit Facilities. You may appoint a person or company other than the directors and officers designated by Fortis on your voting instruction form or form of proxy to represent you and vote on your behalf at the Meeting. Your Board of Directors maintains a firm commitment to strong corporate governance principles. Fortis currently serves over three million gas and electricity customers across North America and in the Caribbean. The ITC Acquisition. Who is eligible to vote at or attend the Meeting? If you are a non-registered Shareholder, you can only vote your Common Shares in person at the Meeting if you have previously appointed yourself as the proxyholder for your Common Shares by printing your name in the space provided on your voting instruction form and submitting it as directed on the form. ITC is the largest independent electric transmission company in the United States. You may also appoint someone else as the proxyholder for your Common Shares by printing their name in the space provided on your voting instruction form and submitting it as directed on the form. You or your proxyholder must see a representative of Computershare before entering the Meeting to register your attendance at the Meeting. The acquisition of ITC represents a singular opportunity for Fortis to significantly diversify its business in terms of regulatory jurisdictions, business risk profile and regional economic mix. Financing strategy structured to allow Fortis to maintain an investment-grade credit rating. The Board has approved the Acquisition and recommends that Shareholders vote FOR the resolution approving the issuance of Common Shares in connection with the Acquisition, the full text of which is set out in the accompanying management information circular and in the form of proxy. Fortis has successfully grown its business through strategic acquisitions that have contributed to strong organic growth over the past decade. Forward-looking rate-setting mechanism with true-up provides timely recovery and reduces regulatory lag. These measures enhance the understanding and the alignment of the policies and practices of Fortis with the interests of our shareholders. Management Information Circular. Chair, Board of Directors. President and Chief Executive Officer. How does Fortis intend to finance the cash portion of the Acquisition? The most important aspects of strategic fit to Fortis include:. David G. Salon A, Holiday Inn St. Reliability enhancements required: federal regulatory-driven critical infrastructure protection, storm hardening and infrastructure replacements. Increases Diversification. The items of business for consideration at this meeting are outlined in the notice of annual and special meeting of shareholders of Fortis and the accompanying management information circular. ITC shareholders will hold up to The benefits of an additional listing for both Fortis and its shareholders include access to a larger and more diverse market, including a much broader group of potential investors; enhanced ability to raise capital in the future; and an increased profile in the North American investment community, notably among U. Significant opportunity for investment across aging transmission assets. FERC is a policy driven regulator committed to providing incentives for upgrading and expanding the electric transmission system. The acquisition is in alignment with the Fortis business model and is expected to be accretive in the first full year following closing, excluding one-time acquisition-related expenses. The annual business of the meeting includes resolutions to elect the directors of Fortis, appoint our auditors and vote on executive compensation. Establishes scale and an additional platform for growth in the North American electric transmission sector. The contents and delivery of the management information circular have been approved by the Board of Directors. ITCs experienced and execution-focused management team, which will continue to operate independently under the ownership structure of Fortis, has a proven track record of strong earnings per share growth, total shareholder return, cash flow from operations and operational efficiencies. Most importantly, we will continue to be a regulated utility with a strong balance sheet and an investment-grade credit rating. I am a registered Shareholder. Entry into a new business segment complementing electric and gas distribution with no commodity or fuel exposure. Who is ITC? Proven track record: superior total shareholder return and cash flow generation. In addition to electing directors, appointing auditors and the annual advisory vote on executive compensation, Shareholders will be asked to approve by a majority vote the issuance of Common Shares in connection with the proposed acquisition of ITC Holdings Corp. The special business of the meeting includes a resolution to approve the issuance of shares by Fortis as partial consideration for its proposed acquisition of ITC Holdings Corp. Significant changes are occurring in the U. In short, Fortis will be a unique utility in the North American market: a highly diversified, low-risk regulated energy transportation platform. The Board of Directors of the Corporation has approved the contents of this Notice and the Circular and the sending of this Notice and the Circular to our Shareholders and to each of our directors and our auditors. Fortis will be more diversified and have significantly enhanced growth opportunities. Our shares will continue to trade on the TSX and we will continue to file our public disclosure documents in Canada in accordance with Canadian rules. FERC has been one of the most consistently supportive utility regulators in North America, providing reasonable returns and equity ratios. Any such request should be submitted to Computershare at the address provided in this Circular. The ITC management team has a proven track record of strong earnings per share growth, total shareholder return, cash flow from operations, disciplined capital project execution and operational excellence. To do so, write the name of the person you are appointing in the space provided on the corresponding form.