Fortis - M&A Summary and Business Overview

UtilitiesCompany

Fortis M&A Summary

Fortis has acquired 10 companies.

Fortis’ largest acquisition to date was in 2016, when it acquired ITC Holdings for $11.3B. Fortis has acquired in 5 different US states, and 2 countries. The Company’s most targeted sectors include utilities (50%) and engineering (10%).

Fortis Business Overview

Where is Fortis headquartered?

Fortis is headquartered in Saint John's, Newfoundland.

What is Fortis’ revenue?

Fortis disclosed revenue of 11,043M CAD for 2022 and 9,448M CAD for 2021.

How many employees does Fortis have?

Fortis has 9,242 employees.

What sector is Fortis in?

Fortis is an utilities company.

When was Fortis founded?

Fortis was founded in 1885.

M&A Summary

  • M&A Total Activity10
    • M&A Buy Activity10
  • Total Sectors Invested 6
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 2
  • M&A Advisors 5

Fortis

Fortis, Inc.

Fortis Place Suite 1100 5 Springdale Street PO Box 8837,
Saint John's, Newfoundland A1B 3T2
Canada,
(709) 737-2800
www.fortisinc.com

Fortis is a distribution utility in Canada, serving more than 2 million gas and electricity customers. Its regulated holdings include electric utilities in five Canadian provinces and two Caribbean countries and a natural gas utility in British Columbia. Fortis owns non‑regulated hydroelectric generation assets in Canada, Belize and Upstate New York. Fortis also owns hotels and commercial real estate in Canada. Fortis was formed in 1977 and is based in St. John's, Newfoundland. Fortis was incorporated in 1885 and is based in Saint John's, Canada.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.0/yr) # 10 - - - - - 10
vol $22.0B $22.0B
Sell (0.0/yr) # - - - - - - 0
  10

Most Recent M&A

Company Date Value Type
ITC Holdings Corp. 2016-02-09 11.3B USD Add-on Acquisition
Novi, Michigan · www.itc-holdings.com
UNS Energy Corp. 2014-08-15 4.5B USD Add-on Acquisition
Tucson,, Arizona · www.uns.com
CH Energy Group Inc. 2013-06-27 1.5B USD Add-on Acquisition
Poughkeepsie,, New York · www.chenergygroup.com
Central Hudson Enterprises(CH Energy) 2013-06-13 - Add-on Acquisition
Poughkeepsie, New York
Central Vermont Public Service Corp. 2011-05-30 700M USD Add-on Acquisition
Rutland, Vermont · www.cvps.com
Great Lakes Power Distribution Inc. 2009-10-08 75M USD Add-on Acquisition
Sault Ste. Marie, Ontario
Delta Regina Hotel 2007-08-01 50M USD Add-on Acquisition
Regina, Saskatchewan · www.deltahotels.com/hotels/hotels.php?hotelId=6
Terasen International, Inc. 2007-05-17 3.7B USD Divestiture
Vancouver, British Columbia
Dryden Wealth Management 2005-10-04 159M GBP Add-on Acquisition
St. John's, Canada
CORE, Inc. 2001-03-29 45M USD Add-on Acquisition
Irvine, California
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
Central Hudson Enterprises(CH Energy) 2013-06-13 Griffith Energy Services, Inc. 2014-01-30 1
Poughkeepsie, New York Columbia, Maryland · www.griffithenergyservices.com

M&A by Sector

Sector Buy # Value Sell # Value
Utilities 5 (50%) 18.1B (82%) - -
Engineering 1 (10%) 3.7B (17%) - -
Financial Services 1 (10%) 159M (1%) - -
Insurance 1 (10%) 45M (< 1%) - -
Leisure 1 (10%) 50M (< 1%) - -
Oil/Gas Exploration 1 (10%) - - -
Total 10 $22.0B - -

By Geo

State/Country Buy Value Sell Value
United States 6 18.0B - -
  New York 2 1.5B - -
  Vermont 1 700M - -
  Michigan 1 11.3B - -
  California 1 45M - -
  Arizona 1 4.5B - -
Canada 4 4.0B - -
  Saskatchewan 1 50M - -
  Ontario 1 75M - -
  British Columbia 1 3.7B - -
Domestic 4 (40%) 4.0B (18%) - -
Cross-border 6 (60%) 18.0B (82%) - -
Total 10 $22.0B - -

Top M&A Advisors

Financial Deals
Scotia Capital, Inc. (Scotiabank - Global Banking and Markets)
 1
Goldman Sachs
 1
Legal Deals
White & Case
 1
Alston & Bird LLP
 1
Davies Ward Phillips & Vineberg LLP
 1

Deal Values

buy # Total
> $1B 4 $21.0B
$100M to $1B 2 $859M
< $100M 3 $170M
TOTAL $22.0B
Largest ITC Holdings Corp.
$11.3B (2016-02-09)

M&A Connections

Deals
Acquired from
Strategic(s)
20%
2 (20%)

Company Summary

SECTOR

Utilities

Revenue

11,043   17% 2022
9,448   6% 2021
8,935   2% 2020
8,783   5% 2019
8,390   2% 2018
8,301   22% 2017
6,838   2% 2016
6,727   25% 2015
5,401   2014
(millions of CAD) Show More Show Less

Employees

9,242

Established

1885

Public

Toronto (TSX): FTS

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