Simpson Thacher Represents ITC Holdings in Acquisition of IP&L Transmission Business
01.25.07
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The Firm represents ITC Holdings Corp. in its agreement to acquire through a subsidiary substantially all of the electric transmission assets of Interstate Power and Light Company, a subsidiary of Alliant Energy Corporation, in a transaction valued at approximately $750 million. Through its operating subsidiaries, ITCTransmission and Michigan Electric Transmission Company, ITC Holdings Corp. is the largest independent electric transmission company in the United States. The transaction, which involves carving out Interstate Power’s electric transmission business from its previously integrated electric utility business, is subject to customary closing conditions and regulatory approvals, including approval from the Federal Energy Regulatory Commission, the Iowa Utilities Board, the Minnesota Public Utilities Commission and the Illinois Commerce Commission as well as expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. ITC Holdings Corp. expects the transaction to close in the fourth quarter of 2007.
The STB team working on the acquisition includes: David Sorkin, Andrew Smith, Paul Riskind, Edward Shen and Matthew King (M&A); Risë Norman, Kirsten Davis and Caroline Teisseire (Capital Markets); James Cross and Jon Wry (Credit); Brian Chisling and Amy Beller (Energy Regulatory); Greg Grogan and Andrew O'Brien (Employee Benefits); Steve Todrys and Nancy Mehlman (Tax); Adeeb Fadil and Noreen Lavan (Environmental); Mardi Merjian and Aaron Rosenberg (Real Estate) and Lori Lesser and Mark Solomon (Intellectual Property).