NOVI, Mich., Dec. 13, 2013 /PRNewswire/ -- ITC Holdings Corp. (NYSE: ITC) today announced that it and Entergy Corporation have agreed to end their proposed transaction that would spin off and merge Entergy's electric transmission business into a subsidiary of ITC. The companies today will make appropriate filings to terminate regulatory proceedings on outstanding joint applications.
"In light of the decision reached by the Mississippi Public Service Commission on December 10, the parties have elected to end their pursuit of the transaction," said Joseph L. Welch, chairman, president and chief executive officer of ITC. "Since our announcement of this transaction, we have been diligent in our pursuit of the necessary regulatory approvals that would allow us to bring the benefits of our independent transmission model, singular focus and superior performance as a transmission operator to the Entergy region to deliver value and improved service to customers. I am truly sorry that customers in this region will not realize the benefits that this transaction would have brought and that they so deserve. We appreciate the support we received from the Federal Energy Regulatory Commission and various stakeholders in the Entergy region who recognized and understood the benefits of the proposed transaction and the value it would create for customers."
Mr. Welch continued, "It also is important to recognize our employees, who were dedicated in their pursuit of this transaction, while also remaining focused on executing our stand-alone business plan, which positions us well to continue to deliver benefits to our customers and shareholders going forward. Our accomplishments over this period have been significant and are a testament to our focus, commitment and independent transmission business model. These accomplishments include the completion of significant capital projects in Kansas, Oklahoma, Iowa and Michigan; continued operational and reliability improvements in our existing footprints; and the advancement of the regional multi-value projects in Michigan, Iowa, Minnesota and Wisconsin. As we have consistently emphasized, ITC remains well situated to execute our long-term plans and continues to be a leader in the evolving industry landscape."
About ITC Holdings Corp. ITC Holdings Corp. (NYSE: ITC) is the nation's largest independent electric transmission company. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems. ITC's regulated operating subsidiaries include ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains. Through these subsidiaries, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along 15,000 circuit miles of transmission line. Through ITC Grid Development and its subsidiaries, the company also focuses on expansion in areas where significant transmission system improvements are needed. For more information, please visit ITC's website at www.itc-holdings.com. (ITC-itc-F)
Safe Harbor Statement This press release contains certain statements that describe our management's beliefs concerning future business conditions, plans and prospects, growth opportunities and the outlook for our business and the electricity transmission industry based upon information currently available. Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Wherever possible, we have identified these forward-looking statements by words such as "will," "may," "anticipates," "believes," "intends," "estimates," "expects," "projects" and similar phrases. These forward-looking statements are based upon assumptions our management believes are reasonable. Such forward looking statements are subject to risks and uncertainties which could cause our actual results, performance and achievements to differ materially from those expressed in, or implied by, these statements, including, among others, the risks and uncertainties disclosed in our most recent Annual Report on Form 10-K and our subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission from time to time.
Because our forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different and any or all of our forward-looking statements may turn out to be wrong. Forward-looking statements speak only as of the date made and can be affected by assumptions we might make or by known or unknown risks and uncertainties. Many factors mentioned in our discussion in this release and in our annual and quarterly reports will be important in determining future results. Consequently, we cannot assure you that our expectations or forecasts expressed in such forward-looking statements will be achieved. Except as required by law, we undertake no obligation to publicly update any of our forward-looking or other statements, whether as a result of new information, future events, or otherwise.
SOURCE ITC Holdings Corp.