ITC Holdings Corp., the publicly traded electricity transmission provider, relied on Sloane & Company for PR support in its $11.3B acquisition by Canada's Fortis Inc.
Fortis said it will become of the top 15 North Ameircan public utilities with the addition of ITC, which is based in Novi, Mich., and provides power to seven Midwestern states. Fortis plans to list its shares on the NY Stock Exchange following the deal.
Sloane managing director Whit Clay counseled ITC on the PR front in the transaction. Fortis handled the deal in-house. Janet Craig is VP of IR for Fortis.
The $22.57-per-share deal was a 33% premium on ITC's Nov. 27 share price. It includes $6.9B in cash and stock, while the remainder of the $11.3B price tag is assumed debt.
ITC chairman, president and CEO Joseph Welch said the deal will help ITC pursue transmission investments to expand access to power markets. He praised the move as creating value for vustomers, investors and employees.
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