Entergy, ITC Holdings Pull Plug On $1.8B Transmission Deal

Law360, New York (December 13, 2013, 2:25 PM EST) -- Utility company Entergy Corp. and electricity transmission company ITC Holdings Corp. have called off their $1.78 billion deal to spin off Entergy's electricity transmission business and merge it into ITC amid pushback from regulatory authorities in Mississippi and Texas, the companies said Friday.

Under the plan, which was originally announced in December 2011, Entergy proposed to divest its electric transmission business to a newly formed entity, Mid South TransCo LLC, and distribute the entity to its shareholders in the form of a spinoff, after which TransCo...
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