Novi, MI, Sept. 25, 2006 — ITC Holdings Corp. (ITC Holdings) announced that the Federal Energy Regulatory Commission (FERC) approved a joint application made by ITC Holdings, ITCTransmission, Michigan Transco Holdings, Limited Partnership and Michigan Electric Transmission Co. LLC (METC) to acquire all of the outstanding equity interests in METC, a privately-held company and the neighboring transmission system to ITCTransmission, ITC Holdings’ wholly owned operating subsidiary, in a transaction valued at approximately $867 million.
“We appreciate the FERC’s hard work in evaluating and approving our application to acquire METC,” said Joseph L. Welch, president and CEO of ITC Holdings. Customers will not be asked to recover the costs associated with the acquisition, Welch added.
The acquisition will create the largest independent electricity transmission company in the United States based on transmission load served, said ITC Holdings in a recent press release. As subsidiaries of ITC Holdings, ITCTransmission and METC hope to realize operational efficiencies from simplified, joint operations as well as be in a better position to jointly identify, coordinate and plan regional system needs, projects and construction as a means to improve electric reliability.
ITC Holdings will move toward consummating the acquisition in the coming month.
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