26 04 2016

Fortis Inc. structures a competitive auction for a minority interest in ITC Holdings Corp.

White & Case LLP advised Fortis Inc. (TSX: FTS), a leader in the North American electric and gas utility business, in the structuring of a competitive auction for a minority interest in ITC Holdings Corp.


An affiliate of GIC Pte Ltd ("GIC"), a sovereign wealth fund of the Government of Singapore, was the successful bidder in the auction and agreed today to provide approximately US$1.2 billion in consideration for a 19.9% equity interest in ITC. Fortis, Inc. operates as a gas and electric distribution company. The firm, led by Barry V Perry, Karl W Smith, Nora Duke, Earl A Ludlow and Janet Craig, is based in Canada. The cash equity transaction follows the announcement on February 9, 2016 that Fortis will acquire ITC in a transaction valued on announcement at approximately US$11.3 billion. With the definitive agreement for the sale of 19.9% of ITC to GIC, Fortis has completed a significant component of the ITC acquisition financing. White & Case LLP is advising Fortis on its acquisition of ITC. Upon the consummation of the transactions, Fortis and GIC together will own 100% of the shares of ITC pursuant to shareholder arrangements negotiated by White & Case. Partner Jason Webber noted that "the successful execution of the transaction over a matter of days after the selection of GIC as the preferred bidder highlights both the attractiveness of ITC as an investment and the highly constructive approach taken by Fortis and GIC as partners." The White & Case team was led by partners John Reiss (Picture) and Jason Webber, and associates John Donaleski, Luke Laumann, and Diana Schawlowski in New York. Partner Dan Hagan and associate John Forbush in Washington DC advised on the energy regulatory aspects of the transaction. Partner William Dantzler and associate Shea Thompson advised on tax matters. Involved fees earner: John Reiss - White & Case; Jason Webber - White & Case; Luke Laumann - White & Case; Shea Thompson - White & Case; John Donaleski - White & Case; Diana Schawlowski - White & Case; Daniel Hagan - White & Case; William Dantzler - White & Case;

LATEST ISSUE
Powered by Share Trading

POPULAR ARTICLES
LE FONTI AWARDS - AWARDING WORLDWIDE CORPORATE EXCELLENCE IN INNOVATION

09/05/2018

LE FONTI AWARDS - AWARDING WORLDWIDE CORPORATE EXCELLENCE IN INNOVATION Read about le

LE FONTI AWARDS 2018 CELEBRATES CORPORATE EXCELLENCES IN HONG KONG

29/03/2018

On March 23rd 2018, the world’s leading corporate stars reunited for a special

LE FONTI AWARDS 2017 CELEBRATES CORPORATE EXCELLENCES IN DUBAI

14/12/2017

On December 14th, 2017, the world’s leading corporate stars reunited for a spec

LE FONTI AWARDS 2017 CELEBRATE CORPORATE EXCELLENCES IN LONDON

23/10/2017

On October 20th, 2017, the world’s leading corporate stars reunited for a speci

Le Fonti IAIR Awards Take Hong Kong By Storm

21/03/2017

Hong Kong has become a city of bright expansion, culture, and futuristic innovation. Fr