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Barry Perry, CEO of Fortis Inc., speaks during an interview in New York in February. The company plans to spend about $3-billion a year over the next several years on capital projects. (Michael Nagle/Bloomberg)
Barry Perry, CEO of Fortis Inc., speaks during an interview in New York in February. The company plans to spend about $3-billion a year over the next several years on capital projects. (Michael Nagle/Bloomberg)

Fortis to debut on NYSE after finishing major U.S. acquisition Add to ...

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Newfoundland-based Fortis Inc. is set to take its place among leading continental energy companies as it closes an $11.3-billion (U.S.) acquisition of a U.S. transmission company and lists its shares on the New York Stock Exchange.

Fortis – which has roots in the St. John’s Electric Light Company founded 130 years ago – expects to close its deal on Friday with ITC Holdings Corp., a Michigan-based company that owns transmission assets in seven Midwest states. At the same time, it will begin trading on the NYSE, a move that will boost the liquidity of its income-oriented shares.

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