Entergy and ITC file with FERC to move forward with $1.78B deal

Dive Summary:

Entergy Corp and ITC Holdings Corp sought approval for a $1.78 billion deal in an application filed with the Federal Energy Regulatory Commission (FERC) Monday.
Entergy wants to divest its power transmission business, and the company's utilities would merge their electric transmission units with an ITC subsidiary.
The companies are hoping to complete the merge-and-spinoff process in 2013.

From the article:

"... New Orleans-based Entergy and ITC, based in Novi, Michigan, filed a joint application with the Federal Energy Regulatory Commission (FERC) to allow Entergy's utilities to spin off and merge their electric transmission units into a subsidiary of ITC.

The move would double the amount of high-voltage lines ITC controls to more than 30,000 miles across 11 states from the Great Lakes to the Gulf Coast. ..."