NOVI — ITC Holdings Corp. (NYSE: ITC) has scheduled an April 16 special meeting of shareholders to vote on its acquisition of the electric transmission business of Entergy Corp.
The meeting will be held at 9 a.m. Eastern time at ITC headquarters, 27175 Energy Way in Novi.
ITC shareholders of record as of the close of business Feb. 26 will be eligible to vote at the meeting. ITC’s board of directors has recommended approval of the merger and the related proposals to its shareholders.
ITC previously announced the merger with Entergy’s transmission business on Dec. 5 and is pursuing the required approvals with Entergy for the transaction. To date, ITC and Entergy, either jointly or individually, as appropriate, have made all of the regulatory filings necessary for approval of the transaction which is targeted to close during 2013.
If the merger is completed, Entergy’s transmission business will become a wholly owned subsidiary of ITC and will result in ITC becoming one of the nation’s largest transmission-owning utilities, with a network spanning from the Great Lakes to the Gulf Coast.
ITC is the nation’s largest independent electric transmission company. 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