U.S. Utility Allete Goes Private in $6.2 Bln Deal

(Reuters) – Allete  said on Monday a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners would acquire the U.S. utility for $6.2 billion, including debt.

The partnership would pay $67 per share in cash for all outstanding common shares of Allete, a premium of nearly 19.1% to the company’s closing share price on Dec. 4, a day before an exclusive Reuters report on a potential sale.

Reuters had reported, citing sources that the clean energy company, with a market value of about $3.7 billion, was exploring a sale.

The deal is expected to close in mid-2025.

Headquartered in Duluth, Minnesota, Allete has nearly 188,000 customers in northern Minnesota and northwestern Wisconsin. It also operates wind, solar, coal-fired, biomass and hydroelectric power generation assets across the Upper Midwest.

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