Allete Inc., a Minnesota-based utility owner, is to be acquired by GIP and CPPIB for $3.9bn cash, with a total deal value of $6.2bn, pending shareholder and regulatory approvals.
Allete Inc., a Minnesota-based utility owner, will be acquired by Global Infrastructure Partners (GIP) and Canada Pension Plan Investment Board (CPPIB) for approximately $3.9bn in cash. The deal, including debt assumption, is valued at $6.2bn. The acquisition, pending shareholder and regulatory approvals, is expected to close in mid-2025. Allete's Minnesota Power utility serves around 150,000 customers and has clean-energy development operations.
May 06, 2024
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