SINGAPORE, April 20 (Reuters) - Singapore sovereign wealth
fund GIC GIC.UL has struck a deal with Canadian utility Fortis
Inc to buy a 19.9 percent stake in ITC Holdings Corp ITC.N for
$1.23 billion.
In February, Fortis said it would buy U.S. power
transmission company ITC for $6.9 billion - its biggest deal
ever. It had said it would partly fund the deal by selling up to
19.9 percent of ITC to an investor, which it did not name.
"With the definitive agreement for the sale of 19.9 percent
of ITC to GIC, Fortis has completed a significant component of
the ITC acquisition financing," the three companies said in a
joint statement on Wednesday.
Scotiabank acted as exclusive financial advisor to Fortis in
connection with the ITC minority investor process. Citigroup (NYSE:C)
Global Markets Inc. C.N acted as financial advisor to GIC on
the deal.