ITC Holdings Corp. (ITC) announced that its shareholders voted in favor of approving the proposed merger of the Entergy Corp.(ETR) transmission business into ITC.
ITC shareholders also approved the other proposals required for the merger.
The transaction is targeted to close by the end of the year, subject to receipt of all required regulatory approvals and satisfaction of other closing conditions. To date, ITC and Entergy, either jointly or individually, as appropriate, have made all of the regulatory filings necessary for approval of the transaction. These approval processes are in progress.
In December 2011, Entergy and ITC boards of directors approved a definitive agreement under which Entergy will spin off and then merge its electric transmission business with a subsidiary of ITC.
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