Fortis has agreed to sell a 19.9 percent equity interest in ITC Holdings Corp. to GIC, Singapore’s sovereign wealth fund, for $1.228 billion in cash upon the closing of the acquisition.

In February 2016, Fortis announced the acquisition of ITC for $11.3 billion. With the definitive agreement to sell 19.9 percent of ITC to GIC, Fortis has completed a significant component of the ITC acquisition financing.

ITC is an independent electric transmission company in the United States. Based in Novi, Mich., ITC invests in the electric transmission grid to improve reliability, expand access to markets, allow new generating resources to interconnect to its transmission systems, and lower the overall cost of delivered energy. Through its regulated operating subsidiaries — ITC Transmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains — ITC owns and operates high-voltage transmission facilities in Illinois, Iowa, Kansas, Michigan, Minnesota, Missou