Fortis will be taking a big business step. The St. John's based international diversified electric utility holding company will be purchasing an $11.3-billion (U.S.) deal to purchase ITC.
On October 18, Fortis will be listed on the NYSE.
As of 2008 Fortis had 5,936 employees.
Fortis was formed in 1987 when shareholders of the regulated transmission and distribution utility Newfoundland Light & Power Co. voted to form a separate holding company. NL&P shares were exchanged for Fortis shares on a one-to-one basis, with the regulated NL&P becoming a 100% owned subsidiary.