ALLETE (ALE) Company Report

ALLETE, Inc. announced the completion of its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) on December 15, 2025.
As a result of the merger, ALLETE common shareholders will receive $67 per share in cash.
Trading of ALLETE's stock was suspended on the New York Stock Exchange on December 15, 2025, and the company initiated the process to delist its shares.
A "stub period" dividend of $0.008 per share was declared on December 14, 2025, payable to shareholders receiving the merger consideration.

Dec 15, 2025, 3:57 PM

8-K

ALLETE Acquisition by CPP Investments and GIP Completed

ALE

M&A

Delisting/Listing Issues

New Projects/Investments

ALLETE, Inc. has been acquired by the Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP), following unanimous approval from the Minnesota Public Utilities Commission.
As part of the merger, ALLETE shareholders received $67 per share in cash, and trading of ALLETE’s stock on the NYSE has been suspended.
The acquisition includes approximately $200 million in benefits to Minnesota Power customers, such as a one-year base rate freeze and $50 million in rate credits.
CPP Investments and GIP have committed to funding ALLETE’s five-year plan to strengthen and expand the transmission grid and advance the company’s clean energy goals.

Dec 15, 2025, 3:18 PM

Morningstar

ALLETE Acquisition Completed by CPP Investments and Global Infrastructure Partners

ALE

M&A

Delisting/Listing Issues

New Projects/Investments

ALLETE's acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) has been finalized, following approval by the Minnesota Public Utilities Commission.
ALLETE common shareholders will receive $67 per share in cash, and the company's stock trading on the NYSE was suspended prior to the opening of trading today.
The new partnership commits to delivering approximately $200 million in benefits to Minnesota Power customers and communities, including a one-year base rate freeze and $50 million in rate credits.
ALLETE will maintain local management and its current leadership team, headquartered in Duluth, MN, with transaction-related costs not affecting customer rates.

Dec 15, 2025, 2:46 PM

Press Release

ALLETE Board Declares Stub Period Dividend

ALE

Dividends

M&A

On December 14, 2025, ALLETE's Board of Directors declared a "stub period" dividend.
The dividend amount is $0.008 per share of common stock.
This dividend is subject to the consummation of ALLETE's previously announced acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners.
The record date for the stub period dividend was October 16, 2025, and it is payable on the fifth business day after the transaction closes to holders who receive the merger consideration.

Dec 15, 2025, 11:40 AM

Press Release

ALLETE Acquisition Approved for December 2025 Close

ALE

M&A

Delisting/Listing Issues

New Projects/Investments

Allete Inc. is set to be acquired by the Canada Pension Plan Investment Board and Global Infrastructure Partners, with final regulatory approval granted and an expected closing date around December 15, 2025.
The acquisition aims to bolster Allete's investment in clean energy and improve regional transmission infrastructure, supporting Minnesota's goal of a carbon-free energy supply by 2040.
Customers of Minnesota Power are projected to benefit from approximately $200 million through bill credits, assistance with overdue payments, and local economic development opportunities.
Following the acquisition's completion, Allete's common stock will be delisted from the New York Stock Exchange.

Dec 11, 2025, 8:56 PM

Morningstar

ALLETE Acquisition by CPP Investments and GIP Approved, Expected to Close December 15

ALE

M&A

Delisting/Listing Issues

Dividends

ALLETE, Inc. has received the final written order from the Minnesota Public Utilities Commission (MPUC) approving its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP).
The acquisition is expected to close on or about December 15, 2025, subject to the satisfaction or waiver of remaining closing conditions.
Upon closing, shares of ALLETE common stock will cease to be listed for trading on the New York Stock Exchange.
The acquisition is anticipated to deliver approximately $200 million in historic benefits to Minnesota Power customers and the regional economy.
A Stub Period Dividend of $0.008 per share multiplied by the number of days from August 16, 2025, to the closing date is expected to be declared for eligible shareholders.

Dec 11, 2025, 7:43 PM

8-K

ALLETE Acquisition by CPP Investments and Global Infrastructure Partners Approved

ALE

M&A

Delisting/Listing Issues

New Projects/Investments

ALLETE, Inc. has received a written order from the Minnesota Public Utilities Commission (MPUC) approving its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP).
The acquisition is expected to close on or about December 15, at which point ALLETE's common stock will cease to be listed for trading on the New York Stock Exchange.
Approximately $200 million in historic benefits are expected to be delivered to Minnesota Power customers and the regional economy as a result of the acquisition.

Dec 11, 2025, 7:40 PM

Press Release

ALLETE Reports Q3 2025 Earnings and Awaits Final Order for Partnership Sale

ALE

Earnings

M&A

Demand Weakening

ALLETE reported third quarter 2025 diluted earnings per share of $0.46 on net income of $27.1 million, a decrease from $0.78 per share and $45.0 million in the third quarter of 2024.
The decline in net income was primarily attributed to lower sales to industrial customers and inflationary pressures at Minnesota Power, reduced sales of renewable projects, and transaction-related expenses.
The company is awaiting a written order from the Minnesota Public Utilities Commission (MPUC) to finalize its partnership with Canada Pension Plan Investment Board and Global Infrastructure Partners, following the MPUC's unanimous approval on October 3, 2025.
This approved transaction is expected to provide approximately $200 million of value to Minnesota Power customers, including rate credits and a rate case stay-out provision.

Oct 31, 2025, 10:30 AM

Press Release

ALLETE: Rural Minnesota Energy Board Joins Nuclear Energy Alliance

ALE

New Projects/Investments

Regulatory Change

The Rural Minnesota Energy Board (RMEB), an eighteen-county joint powers board, has joined the Minnesota Nuclear Energy Alliance (MNEA), which advocates for removing Minnesota's nuclear moratorium.
The MNEA asserts that nuclear energy is crucial for Minnesota to achieve its ambitious 100% carbon-free electricity goals by 2040, providing reliable baseload power and creating high-quality jobs.
Minnesota is currently the only state with an outright ban on all new nuclear reactor construction; lifting this moratorium would allow for consideration of advanced nuclear technology.
The North American Electric Reliability Corporation (NERC) has identified the Midcontinent Independent System Operator (MISO) region, which includes Minnesota, as being at high risk of capacity shortfalls within the next decade, underscoring the need for reliable power sources like nuclear energy.
ALLETE/MN Power is listed as a member of the Minnesota Nuclear Energy Alliance.

Oct 9, 2025, 6:03 PM

Press Release

ALLETE Sale to BlackRock and Canada Pension Plan Approved

ALE

M&A

New Projects/Investments

Takeover Bid

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.
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.
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.
Following the regulatory approval, Allete's stock price experienced a modest 0.7% increase.