Brian Russo

- The Minnesota Public Utilities Commission has unanimously approved the **$6.2 billion** sale of Allete, parent company of Minnesota Power, to a consortium led by the Canada Pension Plan Investment Board and BlackRock's Global Infrastructure Partners.  **[66756_4412d03b7a924cd483d36861cf323ca5]** 
- The acquisition, priced at **$67 per share** in cash, is intended to facilitate significant investments in clean energy infrastructure and replace aging utility assets, aligning with state carbon-free laws and enhancing system reliability.  **[66756_4412d03b7a924cd483d36861cf323ca5]** 
- Regulators ensured that ratepayers would not bear the acquisition costs and that service would remain affordable and reliable, with the new owners committing to maintain employment levels and Allete's Duluth headquarters.  **[66756_4412d03b7a924cd483d36861cf323ca5]** 
- Following the regulatory approval, Allete's stock price experienced a modest **0.7%** increase.  **[66756_4412d03b7a924cd483d36861cf323ca5]**

ALLETE Sale to BlackRock and Canada Pension Plan Approved

- On **October 3, 2025**, ALLETE, Inc. (ALE) announced that the Minnesota Public Utilities Commission (MPUC) unanimously approved its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP).  **[66756_0000066756-25-000082_exhibit99releaseoctober320.htm:0]** 
- With all necessary regulatory approvals now secured, the **transaction is expected to close in late 2025** following the MPUC’s written order.  **[66756_0000066756-25-000082_exhibit99releaseoctober320.htm:0]** 
- The acquisition is projected to deliver approximately **$200 million in total Minnesota Power customer benefits**.  **[66756_0000066756-25-000082_exhibit99releaseoctober320.htm:0]** 
- Key commitments include a **one-year base rate freeze**, **$50 million in additional rate credits**, a **$10 million Long-term Residential Energy Bill Mitigation Fund**, and a **$50 million Clean Firm Technology Fund**.  **[66756_0000066756-25-000082_exhibit99releaseoctober320.htm:1]** 
- Upon closing, ALLETE's shares will **no longer trade on the New York Stock Exchange**, and the Return on Equity (ROE) will be **reduced from 9.78% to 9.65%** post-close, with a cap of 9.78% through December 31, 2030.  **[66756_0000066756-25-000082_exhibit99releaseoctober320.htm:1]**

ALLETE receives final regulatory approval for acquisition

- **ALLETE** has received **unanimous regulatory approval** from the Minnesota Public Utilities Commission (MPUC) for its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP).  **[66756_9413a631180b4a859305749deedadff3_0]** 
- With all necessary regulatory approvals now secured, the transaction is anticipated to **close in late 2025**.  **[66756_9413a631180b4a859305749deedadff3_0]** 
- The acquisition is expected to provide approximately **$200 million in customer benefits** and includes commitments such as a **one-year base rate freeze**, **$50 million in additional rate credits**, and a **ROE reduction from 9.78% to 9.65%** post-close.  **[66756_9413a631180b4a859305749deedadff3_0]** **[66756_9413a631180b4a859305749deedadff3_1]** 
- The agreement also guarantees **access to capital** for ALLETE's five-year plan for transmission and renewable energy goals and establishes a **$50 million Clean Firm Technology Fund** for regional clean-energy projects.  **[66756_9413a631180b4a859305749deedadff3_1]** 
- Upon closing, **ALLETE's shares will no longer trade on the New York Stock Exchange**.  **[66756_9413a631180b4a859305749deedadff3_1]**

ALLETE (ALE)