Fortis Inc (TSE:FTS) and GIC Private Ltd have successfully completed the acquisition of ITC Holdings group, based in Michigan. The deal has been valued at $11.3 billion and has made Fortis one of the top 15 regulated investor owned utilities, in North America. The rankings have been awarded by enterprise value. The company currently serves 9 provinces in the US, 5 in Canada and 2 in the Caribbean, with over 8,000 employees.

The CEO of Fortis, Barry Perry, claimed this to be a very special day for them. He pointed out that their teams had been working hard to complete the acquisition, since the last year. Mr. Perry also revealed that this was the largest acquisition, in the history of the company, adding greatly to its presence in North America. He was of the opinion that this sets a new scale for platform, for the electricity transmission industry.

Joseph L. Welch, the CEO of ITC, claimed this to be a great day for his customers and employees, stating that they had always been committed to their service territory and this acquisition would provide them with resources from FTS, to improve their own services. He also stated that the management team at ITC was well equipped to thrive, under Fortis. GIC also expressed the desire to continue developing a long-term partnership, with FTS.

Recently, the company announced that the shares of its common stock would also start trading on the NYSE, while continuing to trade on TSE. The trading begain on October 14, 2016 and was a pre-requisite for acquiring ITC. In addition to this, the move also gave the company access to a larger and diverse market, while also improving its ability to raise capital. The stock began trading at a share price of $31, at the start of October 14 and peaked at $33 per share, during the October 19 trading session. The stock is currently trading at $32 per share.

Fortis Inc (TSE:FTS) completed the October 20 trading session, with a loss of 0.75% to its share value, to close at a share price of $42.54.