Novi, MI, Oct. 11, 2006 — ITC Holdings Corp. announced that it has completed the acquisition of all of the outstanding equity interests in Michigan Electric Transmission Co. LLC (METC), a privately-held company and the neighboring transmission system to ITCTransmission, ITC Holdings’ wholly owned operating subsidiary, in a transaction valued at approximately $865 million.
In celebration of the closing of the METC acquisition, Joseph L. Welch, president and CEO of ITC Holdings, will ring The Closing Bell at the New York Stock Exchange. (see article)
METC’s selling shareholders, Evercore Capital Partners, Macquarie Essential Assets Partnership, TE Power Opportunities Investors LP, a GFI Energy Ventures LLC portfolio company and other private investors, received consideration valued at approximately $554 million, consisting of $484 million in cash and 2.2 million shares of ITC Holdings common stock. In addition, ITC Holdings has assumed approximately $311 million of METC debt.
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