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

Everlasting
POPULAR ARTICLES
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

Will Brexit break London's place as FinTech Capital?

17/11/2016

Fintech, it’s described as the disruption in financial services pushed by consume

Le Fonti IAIR Awards 2016 celebrates excellences in London.

17/10/2016

On October 14th, 2016, the world’s leading corporate stars aligned for a momentou

IAIR AWARDS 2016 IN NEW YORK: EMONEY ADVISOR, C.A.S.H., CREDIT SUISSE AND CHEETAH MOBILE AMONG THE WINNERS

15/04/2016

More than 19 Excellences in the global economy at the VI Annual Edition of IAIR AWARDS&

IAIR AWARDS & CEO SUMMIT 2015 IN DUBAI

20/11/2015

It took place on 19 November 2015 at Palace Downtown in Dubai the 19th edition of the I