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ITC to offer stock to help pay for $867M acquisition.(News)
Crain's Detroit Business, October, 2006
Byline: Amy Lane Novi-based ITC Holdings Corp. on Sept. 25 announced a public offering of nearly 6.7 million new shares of common stock to help finance its $867 million acquisition of Michigan Electric Transmission Co. L.L.C. ITC, which operates Southeast Michigan's transmission system, received approval the week of Sept.
18 from the Federal Energy Regulatory Commission to buy Michigan Electric, the state's other major transmission company. ITC expects to complete the deal within a month. In addition to the sale of new stock, ITC's principal stockholder, International Transmission Holdings L.P., is selling more than 2.8 million shares of ITC stock it has held in the offering.
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