Entergy, ITC Holdings withdraw grid sale plan in Texas

HOUSTON Fri Aug 9, 2013 4:34pm EDT

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HOUSTON Aug 9 (Reuters) - Entergy Corp and ITC Holdings withdrew their plan to seek Texas approval to divest Entergy's electric transmission assets in that state on Friday.

The Texas Public Utility Commission was the first of several states that must act on the transaction valued at $1.78 billion.

The transaction, a spin-off and merger of Entergy's 15,400-mile transmission network serving parts of Arkansas, Louisiana, Mississippi and Texas, has received approval from federal regulators and ITC shareholders.

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