Fortis Closes Acquisition of Wide-Moat ITC Holdings
We are reaffirming our CAD 38 per share fair value estimate for Fortis after it closed its $11.3 billion enterprise value acquisition of ITC Holdings, an implied 6.5% premium to our $42 per share ITC fair value estimate. We already assumed a 100% probability that the deal would close in our Fortis fair value estimate. The acquisition transitions Fortis into a predominant U.S. utility, with roughly 60% of earnings from ITC, UNS Energy, and CH Energy. We don't forecast material synergies from the ...Fortis is principally an international electric and gas utility holding company. Co. also holds investments in non-regulated generation assets. Co.'s business segments are: Regulated Electric & Gas Utilities - United States; Regulated Gas Utility - Canadian; Regulated Electric Utilities - Canadian; Regulated Electric Utilities - Caribbean; Non-Regulated - Fortis Generation; Non-regulated - Non-Utility; and Corporate and Other. Its regulated utilities served more than 3.0 million customers across Canada and in New York State and the Caribbean. Co. also holds investments in non-regulated generation assets in Canada and Belize, through Fortis Generation.
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