| Singapore-based sovereign wealth fund GIC has signed an agreement with North American electric and gas utility Fortis to acquire 19.9% of independent transmission utility ITC for $1.23 billion. The agreement follows a deal signed by Fortis in February to acquire all of ITC for roughly $11.3 billion, Kallanish Energy reports.
“Given the high quality transmission platform ITC offers, the strength of the Fortis management team, and GIC’s long-term approach to infrastructure investing, we look forward to a successful transaction and partnership,” said Rhys Evenden, head of North American Infrastructure for GIC...............................................Full Article: Source
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