{"id":919716,"date":"2025-12-15T09:49:06","date_gmt":"2025-12-15T14:49:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-announces-completion-of-acquisition-by-cpp-investments-and-global-infrastructure-partners\/"},"modified":"2025-12-15T09:49:06","modified_gmt":"2025-12-15T14:49:06","slug":"allete-announces-completion-of-acquisition-by-cpp-investments-and-global-infrastructure-partners","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-announces-completion-of-acquisition-by-cpp-investments-and-global-infrastructure-partners\/","title":{"rendered":"ALLETE Announces Completion of Acquisition by CPP Investments and Global Infrastructure Partners"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }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 Announces Completion of Acquisition by CPP Investments and Global Infrastructure Partners<\/b><\/p>\n<p class=\"bwalignc\"><i>New partnership offers unprecedented benefits for customers and communities while maintaining local management and regulatory oversight<\/i><\/p>\n<p class=\"bwalignl\">DULUTH, Minn.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nALLETE, Inc. (NYSE: ALE) (the Company) today announced the completion of its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP), following the final written order and unanimous approval by the Minnesota Public Utilities Commission (MPUC).\n<\/p>\n<p>\nAs a result of the acquisition, ALLETE, CPP Investments and GIP will deliver approximately $200 million in benefits to Minnesota Power customers and communities, representing a historic commitment to the company\u2019s customers. These benefits include a one-year base rate freeze, $50 million in rate credits, and additional support for energy affordability and innovation.\n<\/p>\n<p>\nCPP Investments and GIP also have committed to fund the Company\u2019s five-year plan for strengthening and expanding the transmission grid and advancing the Company\u2019s energy transition. ALLETE will remain locally managed and headquartered in Duluth, MN with its current leadership team and workforce in place. The Company\u2019s board of directors will be majority independent, with several members from Minnesota and Wisconsin, ensuring regional voices continue to guide utility decision-making.\n<\/p>\n<p>\n\u201cWe are excited about this next chapter in ALLETE\u2019s long history and the new partnership with CPP Investments and GIP. It strengthens our ability to advance our infrastructure investments to ensure a reliable grid and achieve state clean-energy goals, all while preserving ALLETE\u2019s legacy of local leadership and community focus,\u201d said ALLETE Chair, President and CEO Bethany Owen. \u201cWe are grateful to the MPUC, the Minnesota Department of Commerce, and the many community partners who helped shape an agreement that delivers historic benefits to our customers and communities. Our focus remains on providing affordable, reliable, and increasingly sustainable energy for our region, as all of our ALLETE companies work together to lead the way to a sustainable clean-energy future.\u201d\n<\/p>\n<p>\nUnder the terms of the merger agreement, CPP Investments and GIP acquired all the outstanding common shares of ALLETE and ALLETE common shareholders will receive $67 per share in cash shortly after closing. Trading of ALLETE\u2019S stock was suspended prior to the opening of trading on the New York Stock Exchange today.\n<\/p>\n<p>\nMinnesota Power and Superior Water, Light and Power remain public utilities, fully regulated by the Minnesota Public Utilities Commission and the Public Service Commission of Wisconsin, respectively. Transaction-related costs will not affect customer rates.\n<\/p>\n<p><b>About Minnesota Power<\/b><\/p>\n<p>\nMinnesota Power provides electric service within a 26,000-square-mile area in northeastern Minnesota, supporting comfort, security and quality of life for 150,000 customers, 14 municipalities and some of the largest industrial customers in the United States. More information can be found at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.mnpower.com&amp;esheet=54376891&amp;newsitemid=20251215651998&amp;lan=en-US&amp;anchor=www.mnpower.com&amp;index=1&amp;md5=4ed872aad82e0a3b8c7566b4e54a7e2b\">www.mnpower.com<\/a>.\n<\/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 regulated public 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=54376891&amp;newsitemid=20251215651998&amp;lan=en-US&amp;anchor=www.allete.com&amp;index=2&amp;md5=5db9b7af93da5bccca41f3d3e5cd7ab6\">www.allete.com<\/a>. <i>ALE-CORP<\/i><\/p>\n<p><b>About CPP Investments<\/b><\/p>\n<p>\nCanada Pension Plan Investment Board (CPP Investments\u2122) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, CPP Investments makes investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, S\u00e3o Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm\u2019s length from governments. On September 30, 2025, the Fund totaled C$777.5 billion. For more information, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cppinvestments.com&amp;esheet=54376891&amp;newsitemid=20251215651998&amp;lan=en-US&amp;anchor=www.cppinvestments.com&amp;index=3&amp;md5=9d932cb707fb00e083c223d17c093f4f\">www.cppinvestments.com<\/a> or follow us on LinkedIn, Instagram or on X @CPPInvestments.\n<\/p>\n<p><b>Global Infrastructure Partners<\/b><\/p>\n<p>\nGlobal Infrastructure Partners (GIP), a part of BlackRock, is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors. With energy pragmatism central to its investment thesis, GIP is well positioned to support the global energy transition.\n<\/p>\n<p>\nGIP\u2019s scaled platform has over $189 billion in assets under management. GIP\u2019s focus on real infrastructure assets, combined with its deep proprietary origination network and comprehensive operational expertise, enables GIP to be responsible stewards of its clients\u2019 capital and to create positive economic impact for communities. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.global-infra.com&amp;esheet=54376891&amp;newsitemid=20251215651998&amp;lan=en-US&amp;anchor=www.global-infra.com&amp;index=4&amp;md5=0227eeb05f09e551b695491d92be0647\">www.global-infra.com<\/a>.\n<\/p>\n<p><i>ALLETE calculates and reports carbon emissions based on the GHG Protocol. Details in ALLETE\u2019s <\/i><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.allete.com%2FSustainability&amp;esheet=54376891&amp;newsitemid=20251215651998&amp;lan=en-US&amp;anchor=Corporate+Sustainability+Report&amp;index=5&amp;md5=d6e95759403a4beb86d47043973d1cd5\"><i>Corporate Sustainability Report<\/i><\/a><i>.<\/i><\/p>\n<p><i>The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission<\/i>.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20251215651998r1&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\/20251215651998\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20251215651998\/en\/<\/a><\/span><\/p>\n<p><b>MEDIA CONTACT:<\/b> Amy 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<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Energy Utilities Oil\/Gas<\/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\/20251215651998\/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 Announces Completion of Acquisition by CPP Investments and Global Infrastructure Partners New partnership offers unprecedented benefits for customers and communities while maintaining local management and regulatory oversight DULUTH, Minn.&#8211;(BUSINESS WIRE)&#8211; ALLETE, Inc. (NYSE: ALE) (the Company) today announced the completion of its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP), following the final written order and unanimous approval by the Minnesota Public Utilities Commission (MPUC). As a result of the acquisition, ALLETE, CPP Investments and GIP will deliver approximately $200 million in benefits to Minnesota Power customers and communities, representing a historic commitment to the company\u2019s customers. These benefits include a one-year base rate freeze, $50 million in rate credits, and additional support &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/allete-announces-completion-of-acquisition-by-cpp-investments-and-global-infrastructure-partners\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ALLETE Announces Completion of Acquisition by CPP Investments 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-919716","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ALLETE Announces Completion of Acquisition by CPP Investments 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-announces-completion-of-acquisition-by-cpp-investments-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 Announces Completion of Acquisition by CPP Investments and Global Infrastructure Partners - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ALLETE Announces Completion of Acquisition by CPP Investments and Global Infrastructure Partners New partnership offers unprecedented benefits for customers and communities while maintaining local management and regulatory oversight DULUTH, Minn.&#8211;(BUSINESS WIRE)&#8211; ALLETE, Inc. (NYSE: ALE) (the Company) today announced the completion of its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP), following the final written order and unanimous approval by the Minnesota Public Utilities Commission (MPUC). As a result of the acquisition, ALLETE, CPP Investments and GIP will deliver approximately $200 million in benefits to Minnesota Power customers and communities, representing a historic commitment to the company\u2019s customers. 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(NYSE: ALE) (the Company) today announced the completion of its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP), following the final written order and unanimous approval by the Minnesota Public Utilities Commission (MPUC). As a result of the acquisition, ALLETE, CPP Investments and GIP will deliver approximately $200 million in benefits to Minnesota Power customers and communities, representing a historic commitment to the company\u2019s customers. 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