ALE Allete Inc

Latham & Watkins represented a partnership led by CPP Investments and Global Infrastructure Partners in their US$6.2 billion acquisition of ALLETE, Inc. The acquisition involved ALLETE common shareholders receiving US$67 per share in cash. The transaction was completed following unanimous approval by the Minnesota Public Utilities Commission.

Latham & Watkins LLP advised a partnership led by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) on their US$6.2 billion acquisition of ALLETE, Inc. (NYSE: ALE). The acquisition was completed following unanimous approval by the Minnesota Public Utilities Commission (MPUC), with ALLETE shareholders receiving US$67 per share in cash. Latham also advised CPP Investments on its partnership arrangements with GIP for this transaction.

Taft, a nationally recognized law firm, assisted ALLETE, Inc. in obtaining regulatory approval for its $6.2 billion take-private transaction. The Minnesota Public Utilities Commission approved the sale of ALLETE, Inc. to Global Infrastructure Partners and the Canada Pension Plan Investment Board, marking the first time a Minnesota publicly traded electric utility has been taken private. The approval ensures substantial financial benefits for Minnesota customers, alongside commitments to customer, workforce, and community protections.

ALLETE, Inc. has finalized its acquisition by CPP Investments and Global Infrastructure Partners, a deal unanimously approved by the Minnesota Public Utilities Commission. This acquisition brings approximately $200 million in benefits to Minnesota Power customers, including a one-year base rate freeze and rate credits, while ALLETE will retain its Duluth headquarters and leadership. The partnership aims to strengthen the transmission grid and support the energy transition, with all outstanding ALLETE shares acquired at $67 per share.

The acquisition of Duluth-based Allete Incorporated by the Canada Pension Plan Investment Board and Global Infrastructure Partners has been finalized. This deal, approved by the Minnesota Public Utilities Commission, includes a one-year base rate freeze, $50 million in rate credits for customers, and up to $3.5 million for forgiveness of past due residential bills. Allete shareholders received $67 per share in cash, and the company's headquarters will remain in Duluth.

ALLETE, Inc. announced the completion of its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) following approval by the Minnesota Public Utilities Commission (MPUC). This acquisition will deliver approximately $200 million in benefits to MN Power customers and communities, including a one-year base rate freeze and $50 million in rate credits. ALLETE will remain locally managed in Duluth, MN, with its current leadership and workforce, focusing on grid strengthening and clean-energy goals.