Fortis Buying Electric Transmission Company Itc For $6.9b

NEW YORK (AP) — 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 Holdings Corp. shareholders will receive $22.57 per share and 0.7520 Fortis shares for each share they own.

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