Fortis Inc. and the $11.8 Billion ITC Decision
In late 2015, the executive vice-president and chief financial officer of Fortis, Inc., a homegrown energy delivery company based in St. John's, Newfoundland and Labrador, was preparing to meet with the company's leadership committee. On the agenda was whether Fortis should make an offer to acquire ITC Holdings Corporation, the largest independent transmission utility in the United States. Fortis had a proven track record of acquiring regulated utilities, and if the ITC deal went ahead, it would mark Fortis's most significant acquisition in its history. Should Fortis move ahead with the acquisition, or was taking on ITC too big a risk?