DULUTH, MN (Northern News Now) – ALLETE, Inc. announced Monday that it has been acquired in an agreement reached through a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners.
According to the joint announcement, the partnership will acquire ALLETE for $67.00 per share in cash, or $6.2 billion, including the assumption of debt.
Under the terms of the merger agreement, several commitments have been made by CPP Investments and GIP to align with ALLETE’s shared purpose, culture and values, according to a news release on the acquisition. That includes retaining workforce, along with compensation levels and benefits. The agreement also honors union contracts.
ALLETE’s Minnesota Power and Superior Water, Light and Power will continue as independently operated, locally managed, regulated utilities. Bethany Owen will continue as Chief Executive Officer, and the current management team will continue to lead ALLETE headquartered in Duluth, according to the announcement.
According to Monday’s announcement, the acquisition was unanimously approved by ALLETE’s board of directors and is expected to close in mid-2025, subject to the approval of ALLETE’s shareholders and the receipt of regulatory approvals.
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