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CPP Investments and GIP to Acquire Allete Inc for $6.2 Billion to Advance Clean Energy Transition

A partnership led by the Canada Pension Plan Investment Board (CPP Investments) and New York-based infrastructure investor Global Infrastructure Partners (GIP) has agreed to acquire US energy company Allete Inc (NYSE:ALE) for USD 6.2 billion (EUR 5.8bn) including the assumption of debt. The buyers will pay USD 67 per share in cash to take Allete private, which is expected to make the Duluth, Minnesota-based company better able to deliver the clean-energy transition. The acquisition was unanimously approved by Allete’s board and is dependent on shareholder approval and regulatory approvals.

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