New York, NY, Oct. 10, 2006 — Executives and guests from ITC Holdings Corp. will visit the New York Stock Exchange to celebrate the completion of the company’s acquisition of METC, a privately held company and the neighboring transmission system to ITCTransmission, ITC Holdings’ wholly owned operating subsidiary. The transaction is valued at approximately $867 million.
The acquisition is the first ever acquisition of a stand-alone transmission company by another stand-alone transmission company and creates the largest independent electricity transmission company in the United States based on transmission load served. The acquisition is also the first merger or acquisition approved under the Federal Energy Regulatory Commission’s new merger rules.
To celebrate this special occasion, ITC Holdings Corp. president and CEO Joseph L. Welch will ring the closing bell.
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