Allete receives FERC approval to be acquired by CPP Investments, GIP

Allete (ALE) announced that the Federal Energy Regulatory Commission, or FERC, approved the company’s proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners. As previously announced, under the terms of the merger agreement, CPP Investments and GIP will acquire all outstanding common shares of Allete for $67 per share in cash, or $6.2B, without interest, including the assumption of debt. Following close, Allete will remain locally managed and operated. Its utilities, Minnesota Power and SWL&P, will continue to be regulated by the Minnesota Public Utilities Commission, the Public Service Commission of Wisconsin and FERC. The acquisition is not expected to impact retail or municipal rates for utility customers. Allete expects to complete the transaction in mid-2025, which remains subject to certain regulatory approvals and other customary closing conditions.