$67.900
-0.041 (-0.06%)At close
ALE News
ALE Events
ALLETE Acquired by CPP Investments and GIP, Shareholders to Receive $67 per Share
ALLETE announced the completion of its acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners, following the final written order and unanimous approval by the Minnesota Public Utilities Commission. As a result of the acquisition, ALLETE, CPP Investments and GIP will deliver approximately $200M in benefits to Minnesota Power customers and communities, representing a historic commitment to the company's customers. These benefits include a one-year base rate freeze, $50M in rate credits, and additional support for energy affordability and innovation. Under 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'S stock was suspended prior to the opening of trading on the New York Stock Exchange today.
ALLETE Declares Stub Period Dividend of $0.008 per Share
On Dec. 14, 2025, the board of directors of ALLETE declared a "stub period" dividend, subject to the consummation of the merger, in an amount equal to $0.008 per share of Company common stock multiplied by the number of days from and including August 16, 2025, the day after the record date for the most recent regular quarterly common stock dividend, to and including the closing date of the Company's previously announced acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners. As previously disclosed, the board of directors of the Company fixed October 16, 2025 as the record date for the "stub period" dividend, provided holders of Company common stock hold their shares to the closing the transaction. The stub period dividend is payable to all holders of Company common stock who also receive the merger consideration. The payment date of the stub period dividend is the fifth business day after the closing of the transaction.
Canada Pension Plan and Global Infrastructure Partners Acquire Allete
Canada Pension Plan Investment Board and Global Infrastructure Partners are acquiring Allete in a deal expected to close soon, pending final closing conditions.
Allete Acquisition Approved, Expected to Deliver $200 Million in Historical Benefits
Allete announced that it has reviewed the written order from the Minnesota Public Utilities Commission approving the company's acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners. "The acquisition, which is expected to close on or about Dec. 15, subject to the satisfaction or waiver of the remaining closing conditions, aligns with Allete's strategy to support a stronger, more flexible electric grid and other clean-energy transition investments while safeguarding reliability and reasonable rates for customers. Approximately $200 million in historic benefits are expected to be delivered to Minnesota Power customers and the regional economy through bill credits, assistance with past-due bills, and economic development opportunities as a result of the acquisition... The acquisition has also been approved by Allete shareholders and federal and state agencies, including the Federal Energy Regulatory Commission and the Public Service Commission of Wisconsin. As a result of the acquisition, shares of Allete common stock will cease to be listed for trading on the New York Stock Exchange," the company stated.
Allete announces agreement with Minnesota Department of Commerce
Allete announced that the company and its transaction partners Canada Pension Plan Investment Board and Global Infrastructure Partners have reached an agreement with the Minnesota Department of Commerce that will deliver immediate cost savings and substantial benefits to Minnesota Power customers and communities following the approval and completion of the proposed transaction. With this settlement agreement, the Minnesota Department of Commerce, which is charged with advocating for the public interest in utility matters, supports the acquisition of Allete as being consistent with the public interest and recommends approval by the Minnesota Public Utilities Commission. The Minnesota Department of Commerce joins a growing body of supporters of the transaction, including the International Brotherhood of Electrical Workers Local 31, which represents certain employees of Allete companies; the Laborers' International Union of Minnesota and North Dakota; the International Union of Operating Engineers Local 49; the North Central States Regional Council of Carpenters; the Minnesota Chamber of Commerce; Duluth and Hermantown Chambers; Energy CENTS Coalition; and Head of the Lakes United Way. "We are steadfast in our commitment to providing excellent service to our customers, supporting our communities and meeting the policy goals of the State of Minnesota, and we are pleased to have reached an agreement that will deliver enhanced benefits for our customers, our employees and the communities we serve," said ALLETE Chair, President and CEO Bethany Owen. "This agreement demonstrates our commitment to listening and working collaboratively with our stakeholders, and we've appreciated the close collaboration with the Minnesota Department of Commerce to address matters raised by the Department and others through this process. The strong and growing local support we've received reflects a shared understanding that this transaction is the right step forward for Minnesota Power. With increasing clean energy and infrastructure needs now and well into the future, partnering with the two experienced, long-term investors we've chosen is crucial to advancing our company's commitment to building a clean-energy future and achieving the state's carbon reduction goals, while safeguarding reliable power and keeping customer bills as low as possible."
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