Singapore fund GIC to buy stake in US power group ITC for $1.23 bln

April 20, 2016 10:59 AM

28 0

SINGAPORE, April 20 Singapore sovereign wealth fund GIC has struck a deal with Canadian utility Fortis Inc to buy a 19.9 percent stake in ITC Holdings Corp 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.

Also read: The big money behind Trump's tech deal is from Saudi Arabia

Read more

To category page