|Fortis Inc, ITC Holdings Corp. and GIC Private Limited (GIC) announced that the Federal Energy Regulatory Commission (FERC) has authorized the acquisition of ITC by Fortis and a subsidiary of GIC. "This ruling from FERC is a key milestone toward finalizing the transaction," said Barry Perry, President and Chief Executive Officer of Fortis. "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," added Perry. (Press Release)