Canada's Fortis buys ITC Holdings for $11.3B

Canadian utility Fortis said it would acquire ITC Holdings, the largest independent electric transmission company in the United States, in a deal valued at about $11.3 billion.

ITC shareholders will get $22.57 per share in cash. They will also get 0.7520 Fortis shares for each share they hold, or C$31.11 ($22.43) based on Fortis's Monday close.

The offer works out to $45 per share, a 14 percent premium to the closing price of ITC stock on Monday.