Singapore’s sovereign wealth fund GIC Pte agreed to buy 19.9 percent of ITC Holdings Corp. from Fortis Inc. for $1.23 billion in cash in one of the biggest investments Asian companies have made in U.S. power lines operators.
The transaction allows Fortis to keep an investment-grade credit rating, according to a statement by the three companies on Wednesday. Fortis, Canada’s largest utility owner, agreed in February to buy ITC for $6.9 billion in cash and stock. With Wednesday’s announcement, Fortis has done most of the “heavy lifting” on the financing of the deal, according to Chief Executive Officer Barry Perry...............................................Full Article: Source
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