A Canadian company is buying ITC for a staggering $11.3 billion.
International Transmission Company is one of the most active condemning agencies in the state. A recent report by Bloomberg Business describes its proposed sale to a Canadian company:
Fortis, a power and natural gas distributor and Canada’s largest utility owner, will pay the equivalent of $44.90 for each ITC share, according to a statement Tuesday. That’s a 14 percent premium to Monday’s close, and a 33 percent premium to the close on Nov. 27, before Bloomberg reported that ITC was exploring a sale. The offer, which totals $11.3 billion including assumed debt, will comprise $22.57 in cash and 0.752 Fortis shares apiece.
The sale comes as power companies, grappling with flat electricity demand and rising capital costs, seek deals in other areas promising better growth. ITC’s transmission lines earned the highest adjusted return on equity of any U.S. electric network utility holding company.
The full article can be found here.
It is unclear whether this transaction will have any impact on ITC’s existing business practices or plans for acquiring property rights through eminent domain. However, the amount paid for a company formed approximately fifteen years ago is staggering.
If you have any issues involving ITC or any other condemning authority, please do not hesitate to contact me.