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)