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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

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GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

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» ITC's 30-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q1 2016

ITC Guru Trades in Q1 2016

Eric Mindich 5,793,640 sh (New)
Jeremy Grantham 1,816,236 sh (New)
Paul Tudor Jones 553,662 sh (New)
John Paulson 37,600 sh (New)
First Eagle Investment 1,503,232 sh (+89.48%)
Ron Baron Sold Out
Diamond Hill Capital 1,195,360 sh (-0.22%)
Chuck Royce 170,300 sh (-49.72%)
» More
Q2 2016

ITC Guru Trades in Q2 2016

Leucadia National 138,905 sh (New)
Jim Simons 159,400 sh (New)
John Paulson 79,500 sh (+111.44%)
Jeremy Grantham 2,548,900 sh (+40.34%)
First Eagle Investment 2,026,125 sh (+34.78%)
Paul Tudor Jones 691,350 sh (+24.87%)
Chuck Royce 170,300 sh (unchged)
Eric Mindich 5,793,640 sh (unchged)
Diamond Hill Capital 1,120,130 sh (-6.29%)
» More
Q3 2016

ITC Guru Trades in Q3 2016

George Soros 5,205 sh (New)
Jim Simons 364,600 sh (+128.73%)
Paul Tudor Jones 842,233 sh (+21.82%)
First Eagle Investment 2,417,684 sh (+19.33%)
John Paulson 85,100 sh (+7.04%)
Chuck Royce 170,300 sh (unchged)
Leucadia National Sold Out
Diamond Hill Capital 1,114,012 sh (-0.55%)
Eric Mindich 5,704,537 sh (-1.54%)
Jeremy Grantham 653,829 sh (-74.35%)
» More
Q4 2016

ITC Guru Trades in Q4 2016

First Eagle Investment Sold Out
Jeremy Grantham Sold Out
Chuck Royce Sold Out
Paul Tudor Jones Sold Out
John Paulson Sold Out
Jim Simons Sold Out
Diamond Hill Capital Sold Out
Eric Mindich Sold Out
George Soros Sold Out
» More
» Details

Insider Trades

Latest Guru Trades with ITC

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
First Eagle Investment 2016-12-31 Sold Out 0.28%$45.19 - $46.13 $ 45.50-0%0
George Soros 2016-12-31 Sold Out 0.01%$45.19 - $46.13 $ 45.50-0%0
John Paulson 2016-12-31 Sold Out 0.04%$45.19 - $46.13 $ 45.50-0%0
First Eagle Investment 2016-09-30 Add 19.33%0.05%$44.98 - $47.22 $ 45.50-2%2,417,684
John Paulson 2016-09-30 Add 7.04%$44.98 - $47.22 $ 45.50-2%85,100
George Soros 2016-09-30 New Buy0.01%$44.98 - $47.22 $ 45.50-2%5,205
Leucadia National 2016-09-30 Sold Out 0.75%$44.98 - $47.22 $ 45.50-2%0
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Business Description

Industry: Utilities - Regulated » Utilities - Regulated Electric  
Compare:NYSE:OGE, NYSE:WR, NYSE:GXP, NYSE:SCG, NYSE:IDA, NYSE:POR, NYSE:LNT, NYSE:ALE, NYSE:PNW, NYSE:HE, NYSE:NYLD.A, NYSE:PNM, NYSE:EE, NAS:SPKE, NYSE:CMS, OTCPK:WNDW, OTCPK:SUME, OTCPK:PWVI, NYSE:AEE, NYSE:AGR » details
Traded in other countries:I5T.Germany,
Headquarter Location:USA
ITC Holdings Corp, along with its subsidiaries, is engaged in transmission of electricity in the United States. Its business consists of the operations of its Regulated Operating Subsidiaries, ITCTransmission, METC, ITC Midwest and ITC Great Plains.

ITC Holdings Corp was incorporated in 2002 in the State of Michigan for the purpose of acquiring ITC Transmission. The Company, along with its subsidiaries, is engaged in transmission of electricity in the United States. Through its operating subsidiaries, ITCTransmission, METC, ITC Midwest and ITC Great Plains, it operates high-voltage systems in Michigan's Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma that transmit electricity from generating stations to local distribution facilities connected to its systems. The Company operates, maintains and invests in transmission infrastructure in order to enhance system integrity and reliability, reduces transmission constraints and allows new generating resources to interconnect to its transmission systems. Its Regulated Operating Subsidiaries are independent electric transmission utilities, with rates regulated by the FERC and established on a cost-of-service model. The Company's Regulated Operating Subsidiaries earns revenues through tariff rates charged for the use of their electric transmission systems by its customers, which include investor-owned utilities, municipalities, cooperatives, power marketers and alternative energy suppliers. The Company's operations are subject to federal, state and local environmental laws and regulations, which impose limitations on the discharge of pollutants into the environment, establish standards for the management, treatment, storage, transportation and disposal of hazardous materials and of solid and hazardous wastes, and impose obligations to investigate and remediate contamination in certain circumstances.

Guru Investment Theses on ITC Holdings Corp

Mario Gabelli Comments on ITC Holdings Co. - Jun 09, 2016

ITC Holdings Co. (0.2%) (NYSE:ITC) (ITC – $43.57 – NYSE) On February 9, ITC agreed to be acquired by Canadian utility Fortis (FTS-C$41.38-TSE) for $11.3 billion (includes the assumption of $4.4 billion of ITC debt), or $44.90 per share, in cash and stock. The transaction price consists of $22.57 per share in cash and 0.752 FTS shares. The transaction price of $44.90 per share represents a 14% premium to the previous day’s close of $39.38 per share and 33% premium to the unaffected share price prior to the November 30, 2015 announcement regarding the strategic review. The $44.90 per share transaction price represents 21.4x our 2016 earnings estimate of $2.10 per share and 12.2x EV/EBITDA multiples, which are at the higher-end of recent utility takeover multiples. The companies expect the transaction to close in late 2016 pending receipt of approvals from the ITC and FTS shareholders, FERC approval, as well as IL, KS, MO, OK and WI. ITC is the nation’s only pure-play transmission company with substantial expertise in transmission operation and development. The transaction makes strategic sense for FTS given that ITC provides regulated rate base growth opportunity, increases diversification, and is accretive to earnings. Based in St Johns, NL Canada, FTS would be among the larger fifteen utilities in North America with a rate of C$28 billion (U.S. $18 billion) and plans to list on the NYSE. FTS currently serves ~2 million electric and 1.2 million gas utility customers throughout Canada, the United States and the Caribbean.

From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.

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Mario Gabelli Comments on ITC Holdings Corp - May 03, 2016

ITC Holdings Corp. (less than 0.1%) (NYSE:ITC)(ITC – $43.57 – NYSE) is an independent electricity transmission company in the United States. The company operates, maintains and invests in transmission infrastructure. The company’s customers include investor owned utilities, municipalities, cooperatives, power marketers and alternative energy suppliers. It entered into an agreement with Fortis Inc on February 9, 2016 to be acquired in a $6.9 billion deal. Shareholders of ITC will receive $22.57 cash and .752 shares of Fortis per share of ITC. Both companies must approve the merger, and it must receive regulatory approval. The transaction is expected to close in late 2016.



From Mario Gabelli (Trades, Portfolio)'s first quarter 2016 ABC Fund shareholder commentary.

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Baron Funds Comments on ITC Holdings Corp - Feb 05, 2016

ITC Holdings Corp. (NYSE:ITC) is the nation’s largest independent transmission company. ITC’s shares rose in the fourth quarter in response to a company announcement that it is reviewing strategic alternatives to maximize value for shareholders, including a potential sale of the company. We believe ITC will be sold at a premium to the current share price. We think ITC’s stable regulatory structure, ability to earn returns on equity at the mid-to-high teens level, and above-average growth rate will appeal to buyers. (Rebecca Ellin)From Ron Baron (Trades, Portfolio)'s Growth Fund fourth quarter shareholder letter.

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Top Ranked Articles about ITC Holdings Corp

Kansas Corporation Commission Approves Fortis Inc. Acquisition of ITC Holdings Corp

All Regulatory Approvals Necessary to Close Transaction Now Received

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR and NOVI, MICHIGAN--(Marketwired - Oct 11, 2016) - Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS) and ITC Holdings Corp. ("ITC") (NYSE:NYSE:ITC) announced today that the Kansas Corporation Commission ("KCC") has voted to approve their application authorizing Fortis to proceed with its acquisition of ITC. This approval completes all required regulatory authorizations for the acquisition. "We are pleased with the approval from the KCC, and look forward to continuing to serve the transmission needs of the State of Kansas," said Barry Perry, President and Chief Executive Officer of Fortis. "Fortis appreciates the work by all federal and state regulators who have considered the Fortis acquisition of ITC." "We appreciate the work by the KCC commissioners and staff throughout this process," said Joseph L. Welch, Chairman, President and Chief Executive Officer of ITC. "We look forward to closing the transaction and finalizing matters related to company integration." 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, the Missouri Public Service Commission and the Public Service Commission of Wisconsin were received on August 16 and 24, 2016, September 14, 2016 and October 6, 2016, respectively. The Federal Energy Regulatory Commission authorized the acquisition on September 23, 2016. All applicable consents related to the transfer of control of licenses were received from the Federal Communications Commission as of September 21, 2016. About Fortis: Fortis is a leader in the North American electric and gas utility business, with total assets of approximately CAD$29 billion and fiscal 2015 revenue of CAD$6.7 billion. The Corporation's asset mix is approximately 94% regulated (69% electric, 25% gas), with the remaining 6% comprised of non-regulated energy infrastructure. The Corporation's regulated utilities serve more than 3 million customers across Canada, the United States and the Caribbean. Fortis shares are listed on the TSX and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedar.com, or www.sec.gov. About ITC: ITC is the largest independent electric transmission company in the United States. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, allow new generating resources to interconnect to its transmission systems and lower the overall cost of delivered energy. Through its regulated operating subsidiaries ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along approximately 15,700 circuit miles of transmission line. ITC's grid development focus includes growth through regulated infrastructure investment as well as domestic and international expansion through merchant and other commercial development opportunities. Additional information can be accessed at www.itc-holdings.com or www.sec.gov. Fortis and ITC include forward-looking statements in this news release within the meaning of applicable securities laws including the Private Securities Litigation Reform Act of 1995. Forward-looking statements included in this news release reflect expectations of Fortis and/or ITC management regarding future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "target", "will", "would" and the negative of these terms and other similar terminology or expressions have been used to identify the forward-looking statements, which include, without limitation, statements related to the acquisition of ITC. Forward-looking statements involve significant risk, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally, including those identified from time to time in the forward-looking statements. Such risk factors or assumptions include, but are not limited to, risks relating to failure to complete the acquisition and the timing, and risks relating to the potential decline in the Fortis share price negatively impacting the value of the consideration offered to ITC shareholders. Fortis and ITC caution readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. For additional information with respect to certain of these risks or factors, reference should be made to the continuous disclosure materials filed from time to time by Fortis or ITC with Canadian securities regulatory authorities and the Securities and Exchange Commission. Fortis and ITC disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional Information and Where to Find It:
Fortis filed with the United States Securities and Exchange Commission (the "SEC") a registration statement on Form F-4 including a proxy statement of ITC and a prospectus of Fortis, and other documents in connection with the acquisition by Fortis of ITC, which was declared effective by the SEC on May 16, 2016. This communication is not a substitute for the registration statement, definitive proxy statement/prospectus or any other document that Fortis and/or ITC has filed or may file with the SEC in connection with the acquisition. INVESTORS AND SECURITY HOLDERS OF FORTIS AND ITC ARE URGED TO READ THE REGISTRATION STATEMENT AND DEFINITIVE PROXY STATEMENT/PROSPECTUS, AND ANY OTHER FILINGS THAT MAY BE MADE WITH THE SEC IN CONNECTION WITH THE ACQUISITION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ACQUISITION. The registration statement and proxy statement/prospectus containing the definitive proxy statement/prospectus and other documents filed by Fortis and/or ITC with the SEC are available free of charge at the SEC's website at www.sec.gov, on Fortis' website at www.fortisinc.com or by contacting Fortis' Investor Relations department. Copies of the document filed with the SEC by ITC can also be obtained free of charge from ITC upon written request to ITC at ITC, Investor Relations, 27175 Energy Way, Novi, MI 48377. You may also read and copy any reports, statements and other information filed by Fortis and ITC with the SEC at the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at (800) 732-0330 or visit the SEC's website for further information on its public reference room. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended, and otherwise in accordance with applicable law.





Fortis Inc.
Investor Enquiries:
Ms. Janet Craig
Vice President, Investor Relations Fortis Inc.
709.737.2863
Media Enquiries:
Ms. Karen McCarthy
Director, Communications and Corporate Affairs Fortis Inc.
709.737.5323
ITC Holdings Corp.
Investor Inquiries:
Ms. Stephanie Amaimo
Director, Investor Relations, ITC Holdings Corp.
248.946.3572
Media Inquiries:
Mr. Whit Clay
Managing Director, Sloane & Company
212.446.1864




Read more...
Fortis Inc. and GIC Acquisition of ITC Holdings Corp. Authorized by the Federal Energy Regulatory Commission

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR and NOVI, MICHIGAN--(Marketwired - Sep 26, 2016) - Fortis Inc. ("Fortis" or "the Corporation") (TSX:FTS), ITC Holdings Corp. ("ITC") (NYSE:NYSE:ITC) and GIC Private Limited ("GIC") today announced that the Federal Energy Regulatory Commission ("FERC") has authorized the acquisition of ITC by Fortis and a subsidiary of GIC. "This ruling from FERC is a key milestone toward finalizing the transaction," said Barry Perry, President and Chief Executive Officer of Fortis. "We appreciate the FERC's conclusion that the transaction is consistent with the public interest." "In keeping with Fortis' operating model, ITC will remain a standalone transmission company, led by their strong, experienced management team and employees. At the same time we remain committed to meeting the energy needs of our existing and future customers and communities," added Mr. Perry. "We are pleased with FERC's ruling and will continue to work through the regulatory approval process at the State level," said Joseph L. Welch, Chairman, President and Chief Executive Officer of ITC. "ITC will continue to maintain local control and remain focused on providing the same standards of operational excellence and reliability." "The endorsement from both Fortis and ITC shareholders, State approvals received to date, and the FERC authorization, supports our confidence that this transaction will close by year end," concluded Mr. Perry. 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. The Public Service Commission of Wisconsin voted on September 22, 2016 to approve the acquisition, subject to conditions to be confirmed in an official Commission Order to follow. All applicable consents related to the transfer of control of licenses were received from the Federal Communications Commission as of September 21, 2016. The closing of the transaction remains subject to receipt of regulatory authorizations from the state of Kansas. About Fortis Fortis is a leader in the North American electric and gas utility business, with total assets of approximately CAD$29 billion and fiscal 2015 revenue of CAD$6.7 billion. The Corporation's asset mix is approximately 94% regulated (69% electric, 25% gas), with the remaining 6% comprised of non-regulated energy infrastructure. The Corporation's regulated utilities serve more than 3 million customers across Canada, the United States and the Caribbean. Fortis shares are listed on the TSX and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedar.com, or www.sec.gov. About ITC: ITC is the largest independent electric transmission company in the United States. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, allow new generating resources to interconnect to its transmission systems and lower the overall cost of delivered energy. Through its regulated operating subsidiaries ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along approximately 15,700 circuit miles of transmission line. ITC's grid development focus includes growth through regulated infrastructure investment as well as domestic and international expansion through merchant and other commercial development opportunities. Additional information can be accessed at www.itc-holdings.com or www.sec.gov. About GIC GIC is a leading global investment firm with well over US$100 billion in assets under management. Established in 1981 to secure the financial future of Singapore, the firm manages Singapore's foreign reserves. With its disciplined long-term value approach, GIC is uniquely positioned to invest in both the public and private markets, including equities, fixed income, real estate, private equity and infrastructure. In infrastructure, GIC's primary strategy is to invest directly in operating infrastructure assets with a high degree of cash flow visibility and which provide a hedge against inflation. These include mature, low to moderate-risk assets in developed markets, complemented by investments with higher growth potential in emerging markets. GIC employs over 1,300 people across offices in Singapore, Beijing, London, Mumbai, New York, San Francisco, Sao Paulo, Seoul, Shanghai, and Tokyo. For more information, please visit www.gic.com.sg. Fortis and ITC include forward-looking statements in this press release within the meaning of applicable securities laws including the Private Securities Litigation Reform Act of 1995. Forward-looking statements included in this press release reflect expectations of Fortis and/or ITC management regarding future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "target", "will", "would" and the negative of these terms and other similar terminology or expressions have been used to identify the forward-looking statements, which include, without limitation: statements related to the acquisition of ITC, the expected timing, and conditions precedent to the closing of the acquisition, including remaining regulatory approvals, and the expectation that ITC will operate as a standalone company under the ownership structure of Fortis following the acquisition. Forward-looking statements involve significant risk, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally, including those identified from time to time in the forward-looking statements. Such risk factors or assumptions include, but are not limited to, risks relating to the ability to obtain the remaining regulatory approvals in connection with the acquisition and the timing and terms thereof, risks relating to failure to complete the acquisition and the timing thereof and the risk that conditions to the acquisition may not be satisfied, and risks relating to the potential decline in the Fortis share price negatively impacting the value of the consideration offered to ITC shareholders. Fortis and ITC caution readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. For additional information with respect to certain of these risks or factors, reference should be made to the continuous disclosure materials filed from time to time by Fortis or ITC with Canadian securities regulatory authorities and the Securities and Exchange Commission. Fortis and ITC disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional Information and Where to Find It Fortis filed with the United States Securities and Exchange Commission (the "SEC") a registration statement on Form F-4 including a proxy statement of ITC and a prospectus of Fortis, and other documents in connection with the acquisition by Fortis of ITC, which was declared effective by the SEC on May 16, 2016. This communication is not a substitute for the registration statement, definitive proxy statement/prospectus or any other document that Fortis and/or ITC has filed or may file with the SEC in connection with the acquisition. INVESTORS AND SECURITY HOLDERS OF FORTIS AND ITC ARE URGED TO READ THE REGISTRATION STATEMENT AND DEFINITIVE PROXY STATEMENT/PROSPECTUS, AND ANY OTHER FILINGS THAT MAY BE MADE WITH THE SEC IN CONNECTION WITH THE ACQUISITION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ACQUISITION. The registration statement and proxy statement/prospectus containing the definitive proxy statement/prospectus and other documents filed by Fortis and/or ITC with the SEC are available free of charge at the SEC's website at www.sec.gov, on Fortis' website at www.fortisinc.com or by contacting Fortis' Investor Relations department. Copies of the document filed with the SEC by ITC can also be obtained free of charge from ITC upon written request to ITC at ITC, Investor Relations, 27175 Energy Way, Novi, MI 48377. You may also read and copy any reports, statements and other information filed by Fortis and ITC with the SEC at the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at (800) 732-0330 or visit the SEC's website for further information on its public reference room. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended, and otherwise in accordance with applicable law.





Investor Enquiries:
Ms. Janet Craig
Vice President, Investor Relations
Fortis Inc.
709.737.2863
Media Enquiries:
Ms. Karen McCarthy
Director, Communications and Corporate Affairs
Fortis Inc.
709.737.5323
Investor Inquiries:
Ms. Stephanie Amaimo
Director, Investor Relations
ITC Holdings Corp.
248.946.3572
Media Inquiries:
Mr. Whit Clay
Managing Director
Sloane & Company
212.446.1864
GIC
Ms. Mah Lay Choon
Senior Vice President, GIC
65 6889.6841
[email protected]
Ms. Wendy Wong
Senior Vice President, GIC
65 6889.6928
[email protected]




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

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR and NOVI, MICHIGAN--(Marketwired - Sep 23, 2016) - Fortis Inc. ("Fortis" or "the Corporation") (TSX:FTS) and ITC Holdings Corp. ("ITC") (NYSE:NYSE:ITC) today 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. "We are pleased with the vote from the PSCW, and look forward to doing business in the State of Wisconsin," said Barry Perry, President and Chief Executive Officer of Fortis. "We appreciate the thoughtful deliberation of the Commission in working through the complexities of the case." "We also appreciate the work by the Commissioners and staff throughout this process and for reaffirming ITC's independent status," said Joseph L. Welch, Chairman, President and Chief Executive Officer of ITC. "We look forward to continuing our MVP 5 project development work with our utility partners in Wisconsin." 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. About Fortis Fortis is a leader in the North American electric and gas utility business, with total assets of approximately CAD$29 billion and fiscal 2015 revenue of CAD$6.7 billion. The Corporation's asset mix is approximately 94% regulated (69% electric, 25% gas), with the remaining 6% comprised of non-regulated energy infrastructure. The Corporation's regulated utilities serve more than 3 million customers across Canada, the United States and the Caribbean. Fortis shares are listed on the TSX and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedar.com, or www.sec.gov. About ITC: ITC is the largest independent electric transmission company in the United States. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, allow new generating resources to interconnect to its transmission systems and lower the overall cost of delivered energy. Through its regulated operating subsidiaries ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along approximately 15,700 circuit miles of transmission line. ITC's grid development focus includes growth through regulated infrastructure investment as well as domestic and international expansion through merchant and other commercial development opportunities. Additional information can be accessed at www.itc-holdings.com or www.sec.gov. (ITC-itc-F). Fortis and ITC include forward-looking statements in this press release within the meaning of applicable securities laws including the Private Securities Litigation Reform Act of 1995. Forward-looking statements included in this press release reflect expectations of Fortis and/or ITC management regarding future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "target", "will", "would" and the negative of these terms and other similar terminology or expressions have been used to identify the forward-looking statements, which include, without limitation: statements related to the acquisition of ITC, the expected timing, and conditions precedent to the closing of the acquisition, including regulatory approvals. Forward-looking statements involve significant risk, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally, including those identified from time to time in the forward-looking statements. Such risk factors or assumptions include, but are not limited to, risks relating to the ability to obtain regulatory approvals in connection with the acquisition and the timing and terms thereof, risks relating to failure to complete the acquisition and the timing thereof and the risk that conditions to the acquisition may not be satisfied, and risks relating to the potential decline in the Fortis share price negatively impacting the value of the consideration offered to ITC shareholders. Fortis and ITC caution readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. For additional information with respect to certain of these risks or factors, reference should be made to the continuous disclosure materials filed from time to time by Fortis or ITC with Canadian securities regulatory authorities and the Securities and Exchange Commission. Fortis and ITC disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional Information and Where to Find It Fortis filed with the United States Securities and Exchange Commission (the "SEC") a registration statement on Form F-4 including a proxy statement of ITC and a prospectus of Fortis, and other documents in connection with the acquisition by Fortis of ITC, which was declared effective by the SEC on May 16, 2016. This communication is not a substitute for the registration statement, definitive proxy statement/prospectus or any other document that Fortis and/or ITC has filed or may file with the SEC in connection with the acquisition. INVESTORS AND SECURITY HOLDERS OF FORTIS AND ITC ARE URGED TO READ THE REGISTRATION STATEMENT AND DEFINITIVE PROXY STATEMENT/PROSPECTUS, AND ANY OTHER FILINGS THAT MAY BE MADE WITH THE SEC IN CONNECTION WITH THE ACQUISITION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ACQUISITION. The registration statement and proxy statement/prospectus containing the definitive proxy statement/prospectus and other documents filed by Fortis and/or ITC with the SEC are available free of charge at the SEC's website at www.sec.gov, on Fortis' website at www.fortisinc.com or by contacting Fortis' Investor Relations department. Copies of the document filed with the SEC by ITC can also be obtained free of charge from ITC upon written request to ITC at ITC, Investor Relations, 27175 Energy Way, Novi, MI 48377. You may also read and copy any reports, statements and other information filed by Fortis and ITC with the SEC at the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at (800) 732-0330 or visit the SEC's website for further information on its public reference room. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended, and otherwise in accordance with applicable law.





Fortis Inc.
Investor Enquiries:
Ms. Janet Craig
Vice President, Investor Relations
Fortis Inc.
709.737.2863
Media Enquiries:
Ms. Karen McCarthy
Director, Communications and Corporate Affairs
Fortis Inc.
709.737.5323
ITC Holdings Corp.
Investor Inquiries:
Ms. Stephanie Amaimo
Director, Investor Relations
ITC Holdings Corp.
248.946.3572
Media Inquiries:
Mr. Whit Clay
Managing Director
Sloane & Company
212.446.1864




Read more...

Ratios

vs
industry
vs
history

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 1.71
ITC's Dividend Yield % is ranked lower than
86% of the 1098 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 3.14 vs. ITC: 1.71 )
Ranked among companies with meaningful Dividend Yield % only.
ITC' s Dividend Yield % Range Over the Past 10 Years
Min: 0  Med: 0 Max: 1.71
Current: 1.71
0
1.71
Dividend Payout Ratio 0.48
ITC's Dividend Payout Ratio is ranked higher than
70% of the 590 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 0.55 vs. ITC: 0.48 )
Ranked among companies with meaningful Dividend Payout Ratio only.
ITC' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0  Med: 0 Max: 0.48
Current: 0.48
0
0.48
Forward Dividend Yield % 1.89
ITC's Forward Dividend Yield % is ranked lower than
84% of the 1054 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 3.54 vs. ITC: 1.89 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 1.71
ITC's 5-Year Yield-on-Cost % is ranked lower than
95% of the 1098 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 4.23 vs. ITC: 1.71 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
ITC' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 0  Med: 0 Max: 1.71
Current: 1.71
0
1.71

Valuation & Return

vs
industry
vs
history

More Statistics

Revenue (TTM) (Mil) $1,075.40
EPS (TTM) $ 1.55
Short Percentage of Float1.03%
52-Week Range $30.33 - 47.46
Shares Outstanding (Mil)153.37

Analyst Estimate

Dec16 Dec17 Dec18 Dec19
Revenue (Mil $) 1,240 1,343 1,489 1,639
EPS ($) 2.04 2.18 2.47 2.85
EPS without NRI ($) 2.04 2.18 2.47 2.85
EPS Growth Rate
(Future 3Y To 5Y Estimate)
4.00%
Dividends per Share ($) 0.80 0.91 1.01
» More Articles for ITC

Headlines

Articles On GuruFocus.com
Utility Companies Showing Good Value Potential Dec 28 2016 
Kansas Corporation Commission Approves Fortis Inc. Acquisition of ITC Holdings Corp Oct 11 2016 
Fortis Inc. and GIC Acquisition of ITC Holdings Corp. Authorized by the Federal Energy Regulatory Co Sep 26 2016 
Public Service Commission of Wisconsin Votes to Approve Fortis Inc. Acquisition of ITC Holdings Corp Sep 23 2016 
Fortis Inc. Acquisition of ITC Holdings Corp. Approved by Missouri Public Service Commission Sep 15 2016 
ITC Shareholders Approve Fortis Inc. Acquisition of ITC Holdings Corp. Jun 22 2016 
Mario Gabelli Comments on ITC Holdings Co. Jun 09 2016 
Many of Ron Baron's 1st-Quarter Divestitures Are Overvalued Today May 30 2016 
Mario Gabelli Comments on ITC Holdings Corp May 03 2016 
The Gabelli ABC Fund 1st Quarter Shareholder Commentary May 03 2016 

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