NOVI -- ITC Holdings Corp. (NYSE: ITC) shareholders today voted to approve the proposed merger of the transmission business of New Orleans-based Entergy Corp. into ITC.
At a special meeting of ITC shareholders held Tuesday morning, ITC shareholders voted in favor of approving the merger agreement announced Dec. 5, under which Entergy's transmission business will be separated and merged into ITC. ITC shareholders also approved the other proposals required for the merger.
The transaction is targeted to close by the end of the year, subject to receipt of all required regulatory approvals and satisfaction of other closing conditions. To date, ITC and Entergy, either jointly or individually, as appropriate, have made all of the regulatory filings necessary for approval of the transaction. These approval processes are in progress.
ITC Holdings is the nation's largest independent electric transmission company. Based in Novi, ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems. ITC's regulated operating subsidiaries include ITCTransmission, Michigan Electric Transmission Co., ITC Midwest and ITC Great Plains. Through these subsidiaries, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along 15,000 circuit miles of transmission line. Through ITC Grid Development and its subsidiaries, the company also focuses on expansion in areas where significant transmission system improvements are needed.
More at www.itc-holdings.com.
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