ITC Holdings Buys Alliant Energy's Transmission Assets
ITC Holdings Corp.'s newly formed subsidiary, ITC Midwest, LLC, has signed a definitive agreement to acquire the transmission assets of Interstate Power and Light Co. (IP&L), an Alliant Energy Corp. subsidiary, in a transaction valued at approximately US$750 million.
“The acquisition of IP&L's transmission assets supports ITC Holdings' continued mission to rebuild and invest in the electric transission infrastructure for the benefit of customers through improved reliability and enhanced access to the competitive energy marketplace,” said Joseph L. Welch, president and CEO of ITC Holdings.
The acquisition, expected to close in the fourth quarter of 2007, will allow ITC Holdings to lend its experience and resources toward rebuilding and strengthening the transmission grid in Iowa, Minnesota and Illinois; create a more competitive energy market for the benefit of the customers; and help support the growing region's increasing electricity demand.
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