Deals
Fortis Confident It Can Sell ITC Stake to Fund $6.9 Billion Deal
- CEO Barry Perry says company will approach investors next week
- Fortis vying for largest Canadian takeover of a U.S. utility
This article is for subscribers only.
Fortis Inc., Canada’s largest utility owner, is confident it can find an investor to take a stake in ITC Holdings Corp. as part of its $6.9 billion takeover of the U.S. transmission line operator.
The St. John’s, Newfoundland-based company will begin reaching out to investors next week to gauge interest in as much as 19.9 percent of ITC to help fund the cash portion of the acquisition, Chief Executive Officer Barry Perry said in an interview at Bloomberg headquarters in New York Thursday. The company wants the process completed within 90 days, he said. ITC CEO Joe Welch participated in the interview.