February 9, 2016 / 11:15 AM / a year ago

Canadian utility Fortis to buy ITC Holdings in $11.3 bln deal

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Feb 9 (Reuters) - Canadian utility Fortis Inc said it would acquire ITC Holdings Corp, the largest independent electric transmission company in the United States, in a deal valued at about $11.3 billion.

ITC shareholders will get $22.57 per share in cash. They will also get 0.7520 Fortis shares for each share they hold, or C$31.11 ($22.43) based on Fortis's Monday close.

The offer works out to $45 per share, a 14 percent premium to the closing price of ITC stock on Monday. (Reporting by Swetha Gopinath in Bengaluru; Editing by Savio D'Souza)

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