Fortis buys ITC Holdings, builder of Kansas transmission lines

ITC Holdings, owner of several major electrical transmission lines in Kansas, is being bought by Canadian utility Fortis.

ITC built and owns half of the recently completed “V-plan” power line from near Wichita to near Medicine Lodge. It also built major power lines from near Dodge City to southern Nebraska and will soon start building one from near Salina to near Concordia.

ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along approximately 15,600 miles of transmission line.

Fortis, based in St. John’s, Newfoundland, will become one 15 largest North American public utilities by enterprise value.

Fortis intends to retain all of ITC’s employees and maintain the corporate headquarters in Novi, Mich. Fortis will apply to list its common shares on the NYSE.

This story was originally published February 9, 2016 at 11:16 AM with the headline "Fortis buys ITC Holdings, builder of Kansas transmission lines."