October 21, 2016 10:07 AM ET

Electric Utilities

Company Overview of ITC Holdings Corp.

Company Overview

ITC Holdings Corp., through its subsidiaries, engages in the electric transmission operations in the United States. The company functions as conduit, allowing for power from generators to be transmitted to local distribution systems either entirely through its own systems or in conjunction with neighboring transmission systems. It owns and operates high-voltage systems in Michigan’s Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas, and Oklahoma. The company serves investor-owned utilities, municipalities, cooperatives, power marketers, and alternative energy suppliers. ITC Holdings Corp. was founded in 2001 and is headquartered in Novi, Michigan. As of October 14, ...

27175 Energy Way

Novi, MI 48377

United States

Founded in 2001

637 Employees



Key Executives for ITC Holdings Corp.

Founder, Chairman of the Board, Chief Executive Officer and President
Age: 67
Chief Financial Officer and Executive Vice President
Age: 41
Chief Operating Officer and Executive Vice President
Age: 50
Vice President and President of ITC Grid Development
Vice President and President of ITC Michigan
Compensation as of Fiscal Year 2016.

ITC Holdings Corp. Key Developments

ITC Holdings Corp. Announces Management Changes

Fortis Inc. and GIC Private Limited announced the closing of the approximately USD 11.3 billion acquisition of ITC Holdings Corp. As part of the completion of the transaction, Joseph L. Welch announced his retirement, effective November 1, 2016, as President and Chief Executive Officer of ITC. Mr. Welch will remain Chairman of the ITC Board of Directors. Linda H. Blair will succeed Mr. Welch as President and Chief Executive Officer of ITC. Ms. Blair currently serves as Executive Vice President and Chief Business Unit Officer and has been a member of ITC's leadership team since its inception.

ITC Holdings Corp. To Be Delisted From The New York Stock Exchange Upon Closing Of Transaction With Fortis Inc. And GIC Private Limited

Fortis Inc. and GIC Private Limited ("GIC") announced the closing of the approximately $11.3 billion acquisition of ITC Holdings Corp. ("ITC"). As a result of the closing, ITC's common stock is being delisted from the New York Stock Exchange, and ITC shareholders will be provided with instructions on how to receive the merger consideration for their shares by Computershare Trust Company of Canada, in its capacity as exchange agent for the transaction.

Public Service Commission of Wisconsin Votes to Approve Fortis Inc. Acquisition of ITC Holdings Corp

Fortis Inc. and ITC Holdings Corp. announced that the Public Service Commission of Wisconsin (PSCW) has voted to approve their application authorizing Fortis to proceed with its acquisition of ITC, subject to conditions consistent with those proposed in the application, to be confirmed in an official Commission Order to follow. This marks another significant advancement in the regulatory approval process for this transaction. Fortis and ITC shareholders approved the acquisition at shareholder meetings held on May 5 and June 22, 2016, respectively. Approval required from the Committee on Foreign Investment in the United States was received on July 8, 2016, and the post-filing waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired August 10, 2016. Approvals from the Oklahoma Corporation Commission, the Illinois Commerce Commission and the Missouri Public Service Commission were received on August 16, 2016, August 24, 2016 and September 14, 2016, respectively. All applicable consents related to the transfer of control of licenses were received from the FCC as of September 21, 2016. The closing of the transaction remains subject to receipt of regulatory authorizations from FERC and the state of Kansas.

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Recent Private Companies Transactions

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