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CPP Investments and GIP to acquire ALLETE in $6.2b deal
Transactions - MAY 15, 2024

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CPP Investments and GIP to acquire ALLETE in $6.2b deal

by Kali Persall

A partnership led by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) has agreed to acquire ALLETE, a publicly held energy company, for $67.00 per share in cash or $6.2 billion, including the assumption of debt.

ALLETE is a provider of resilient, reliable and competitively priced energy with operations across the nation. ALLETE also invests in energy-centric businesses and transmission infrastructure. ALLETE and its family of companies, which includes regulated utilities and renewable-energy companies, are focused on driving the clean-energy transition by expanding renewables, reducing carbon, enhancing grid resiliency, and driving innovation.

“Through this transaction with CPP Investments and GIP, we will have access to the capital we need while keeping our customers, communities and co-workers at the forefront of all that we do, with continuity of our day-to-day operations, strategy, and shared purpose and values,” s

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