{"id":796385,"date":"2024-12-19T17:03:38","date_gmt":"2024-12-19T22:03:38","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\/"},"modified":"2024-12-19T17:03:38","modified_gmt":"2024-12-19T22:03:38","slug":"allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\/","title":{"rendered":"ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners<\/b><\/p>\n<p class=\"bwalignc\"><i>Expects transaction to close in mid-2025<\/i><\/p>\n<p>DULUTH, Minn.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nALLETE, Inc. (NYSE: ALE) announced that the Federal Energy Regulatory Commission (FERC) approved the company\u2019s proposed transaction with Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP).<\/p>\n<p>\n\u201cFERC\u2019s approval of ALLETE\u2019s proposed transaction with CPP Investments and GIP marks an important milestone and brings us one step closer to realizing the benefits of this transaction for our customers, our communities, our co-workers, and our shareholders,\u201d said ALLETE Chair, President, and CEO Bethany Owen. \u201cWe are pleased with this decision and look forward to the tremendous opportunity this transaction creates for long-term energy and infrastructure investment while maintaining local jobs, management, and regulatory oversight.\u201d<\/p>\n<p>\nOwen added, \u201cWe will continue diligently working to secure the remaining regulatory approvals for this transaction and value the input of all stakeholders in this process.\u201d<\/p>\n<p>\nAs 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 $6.2 billion, without interest, including the assumption of debt. Following close, ALLETE will remain locally managed and operated. Its utilities, Minnesota Power and SWL&amp;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.<\/p>\n<p><b>About ALLETE, Inc.<\/b><\/p>\n<p>\nALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, Minnesota; BNI Energy in Bismarck, North Dakota; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.allete.com&amp;esheet=54169788&amp;newsitemid=20241219755734&amp;lan=en-US&amp;anchor=www.allete.com&amp;index=1&amp;md5=fdb00cac4c5fbb186b069fcb800fe911\">www.allete.com<\/a>. <i>ALE-CORP<\/i><\/p>\n<p>\nALLETE calculates and reports carbon emissions based on the GHG Protocol. Details are in ALLETE\u2019s Corporate Sustainability Report.<\/p>\n<p>\nFORWARD-LOOKING STATEMENTS DISCLAIMER<\/p>\n<p>\nThis communication contains \u201cforward-looking statements\u201d within the meaning of the federal securities laws, including safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed acquisition of ALLETE, regulatory approvals, the expected timetable for completing the proposed transaction and any other statements regarding ALLETE\u2019s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: the timing to consummate the proposed transaction; the risk that the conditions to closing of the proposed transaction may not be satisfied; the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; and the diversion of management\u2019s time on transaction-related issues.<\/p>\n<p>\nWhen used in this communication, or any other documents, words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201ctarget,\u201d \u201ccould,\u201d \u201cgoal,\u201d \u201cintend,\u201d \u201cobjective,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cseek,\u201d \u201cstrategy,\u201d \u201ctarget,\u201d \u201cmay,\u201d \u201cwill\u201d and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the beliefs and assumptions of management at the time that these statements were prepared and are inherently uncertain. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties, as well as other risks and uncertainties that could cause ALLETE\u2019s actual results to differ materially from those expressed in the forward looking statements, are described in greater detail under the heading \u201cItem 1A. Risk Factors\u201d in ALLETE\u2019s Form 10-Q for the quarter ended September 30, 2024, ALLETE\u2019s Form 10-K for the year ended December 31, 2023 and in subsequently filed Forms 10-Q and 8-K, and in any other SEC filings made by ALLETE. Management cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements or present or prior earnings levels. Forward-looking statements speak only as of the date hereof, and ALLETE does not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241219755734r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20241219755734\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20241219755734\/en\/<\/a><\/span><\/p>\n<p>\nAmy Rutledge<br \/>\n<br \/>Director- Corporate Communications<br \/>\n<br \/>218-723-7400<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:arutledge@allete.com\">arutledge@allete.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Minnesota United States North America Canada<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Other Energy Utilities Oil\/Gas Coal Alternative Energy Energy<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20241219755734\/en\/394183\/3\/ALLETE_logo_new.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners Expects transaction to close in mid-2025 DULUTH, Minn.&#8211;(BUSINESS WIRE)&#8211; ALLETE, Inc. (NYSE: ALE) announced that the Federal Energy Regulatory Commission (FERC) approved the company\u2019s proposed transaction with Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP). \u201cFERC\u2019s approval of ALLETE\u2019s proposed transaction with CPP Investments and GIP marks an important milestone and brings us one step closer to realizing the benefits of this transaction for our customers, our communities, our co-workers, and our shareholders,\u201d said ALLETE Chair, President, and CEO Bethany Owen. \u201cWe are pleased with this decision and look forward to the tremendous opportunity this transaction creates for long-term &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-796385","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners Expects transaction to close in mid-2025 DULUTH, Minn.&#8211;(BUSINESS WIRE)&#8211; ALLETE, Inc. (NYSE: ALE) announced that the Federal Energy Regulatory Commission (FERC) approved the company\u2019s proposed transaction with Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP). \u201cFERC\u2019s approval of ALLETE\u2019s proposed transaction with CPP Investments and GIP marks an important milestone and brings us one step closer to realizing the benefits of this transaction for our customers, our communities, our co-workers, and our shareholders,\u201d said ALLETE Chair, President, and CEO Bethany Owen. \u201cWe are pleased with this decision and look forward to the tremendous opportunity this transaction creates for long-term &hellip; Continue reading &quot;ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-19T22:03:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241219755734r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners\",\"datePublished\":\"2024-12-19T22:03:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\\\/\"},\"wordCount\":841,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20241219755734r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\\\/\",\"name\":\"ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners - 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(NYSE: ALE) announced that the Federal Energy Regulatory Commission (FERC) approved the company\u2019s proposed transaction with Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP). \u201cFERC\u2019s approval of ALLETE\u2019s proposed transaction with CPP Investments and GIP marks an important milestone and brings us one step closer to realizing the benefits of this transaction for our customers, our communities, our co-workers, and our shareholders,\u201d said ALLETE Chair, President, and CEO Bethany Owen. \u201cWe are pleased with this decision and look forward to the tremendous opportunity this transaction creates for long-term &hellip; Continue reading \"ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\/","og_site_name":"Market Newsdesk","article_published_time":"2024-12-19T22:03:38+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241219755734r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners","datePublished":"2024-12-19T22:03:38+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\/"},"wordCount":841,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241219755734r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-receives-ferc-approval-for-proposed-transaction-with-canada-pension-plan-investment-board-and-global-infrastructure-partners\/","name":"ALLETE receives FERC approval for proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners - 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