Singapore’s GIC to buy stake in US power group ITC for $1.23b

GIC, the sovereign wealth fund of Singapore

Singapore sovereign wealth fund GIC has struck a deal with Canadian utility Fortis Inc to buy a 19.9 per cent 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.

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