Allete to be acquired for $6.2 billion, transitioning to a private company focused on clean energy.

US-based energy company, Allete, has agreed to be acquired by a partnership led by CPP Investments and Global Infrastructure Partners (GIP) in a deal worth nearly $6.2bn. The deal includes a 19.1% premium to Allete’s closing share price and a 22.1%. Following the acquisition, shareholders will receive $67 per share in cash. The acquisition is subject to approval from Allete’s shareholders and regulatory approval. Following the deal, Alletes’ shares will no longer be traded on the New York Stock Exchange and it will become a private company. The company aims to implement a clean-energy future for customers, communities, and employees as a private firm.