Allete company British Indian Ocean Territory

Is Allete a public company?

ALLETE is a publicly held energy company that operates in a complex, dynamic, competitive environment. ALLETE's board of directors, accountable to its shareholders, is responsible for the direction and control of the company.

What companies does Allete own?

In addition to Minnesota Power, ALLETE owns Superior Water, Light and Power, based in Superior, Wisconsin, ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, N.D.; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co.

Will Global Infrastructure Partners buy Allete?

Simply sign up to the Renewable energy myFT Digest -- delivered directly to your inbox. US private capital group Global Infrastructure Partners and Canada’s largest pension fund are nearing a deal to buy Allete, a regulated utility with sizeable clean energy operations, for about $5bn, said two people familiar with the matter.

When will Allete's acquisition close?

The acquisition was unanimously approved by ALLETE’s Board of Directors and is expected to close in mid-2025, subject to the approval of ALLETE’s shareholders, the receipt of regulatory approvals, including by the MPUC, PSCW and FERC, and other customary closing conditions.

Will Allete's acquisition affect utility rates?

The acquisition is not expected to impact retail or municipal rates for utility customers. In connection with the merger, CPP Investments and GIP will acquire all of the outstanding common shares of ALLETE for $67.00 per share in cash representing an enterprise value of approximately $6.2 billion, including ALLETE’s net debt.

Who is the new CEO of Allete?

Bethany Owen will continue as Chief Executive Officer, and the current management team will continue to lead ALLETE and remain as the primary points of contact for customers, regulators and other stakeholders. ALLETE will continue to be headquartered in Duluth, Minnesota.