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.
Discover content from The Globe and Mail that you might otherwise not have come across. Here we’ll provide you with fresh suggestions where we will continue to make even better ones as we get to know you better.
You can let us know if a suggestion is not to your liking by hitting the ‘’ close button to the right of the headline.