Singapore's GIC Buys 19.9% of U.S.'s ITC for $1.23 Billion

  • Transaction follows Fortis's announcement to look for partner
  • GIC buys at 7.5% discount to ITC's current market value

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.

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