GIC is to buy a stake in US electric transmission firm ITC.
Singapore’s sovereign wealth fund will take a 19.9% equity interest in Michigan-based ITC Holdings for more than $1.2bn (€1bn).
The deal follows the purchase of ITC by North American energy firm Fortis for $11.3bn, announced in February this year.
Rhys Evenden, head of infrastructure for North America at GIC, said: “This is an attractive opportunity to partner with Fortis to invest in ITC.
“Given the high-quality transmission platform ITC offers, the strength of the Fortis management team and GIC’s long-term approach to infrastructure investing, we look forward to a successful transaction and partnership.”
ITC is the largest independent electric transmission company in the US.
The firm’s subsidaries include ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains.
The deal is expected to close later this year.
