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Fortis buying electric transmission company ITC for $6.9B

Canadian utility Fortis is buying electric transmission company ITC Holdings in a cash-and-stock deal valued at about $6.9 billion as it looks to further diversify its business.

ITC owns and runs high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma.

ITC Holdings Corp. shareholders will receive $22.57 per share and 0.7520 Fortis shares for each share they own. ITC stockholders will own about 27 percent of Fortis' common stock.

Fortis Inc. said Tuesday that it will assume approximately $4.4 billion of ITC's debt.

Once the transaction closes, ITC will become a Fortis subsidiary. Fortis said that it plan on...

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