ITC Holdings Confirms Review of Strategic Alternatives
November 30 2015 - 8:30PM
Dow Jones News
ITC Holdings Corp. Monday afternoon confirmed its board of
directors was looking into strategic alternatives including a
possible sale, following news reports by Bloomberg and others that
it was considering selling itself.
The Michigan-based independent electric power transmission
company didn't elaborate beyond saying no decision had been reached
and that the review could result in a sale or "other initiatives to
maximize value for shareholders."
Citing people with knowledge of the matter, Bloomberg had
reported that ITC was working with financial advisers on a possible
sale.
Originally a subsidiary of DTE Energy Co., it was sold in 2003
for about $610 million to a group that included New York
private-equity firms KKR & Co. and Trimaran Capital Partners
LLC.
In 2014, ITC reported a profit of $46.7 million on $231.1
million in operating revenue along with $4.1 billion in debt.
Shares, largely flat in late trading, rose 9% during regular
trading to $36.88.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 30, 2015 20:15 ET (01:15 GMT)
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