The Strategist

Investor group to buy electricity supplier Allete for $6.2 bln

05/07/2024 - 10:26

Allete Inc., a generator of renewable energy in the United States, is being acquired by a group of investors led by the Canadian pension fund Canada Pension Plan Investment Board and the American investment firm Global Infrastructure Partners for approximately $6.2 billion, including debt, the company announced in a news release.

Each share of Allete stock will be purchased by the consortium for $67 in cash consideration.

Closing of the deal is anticipated for mid-2025. Allete will thereafter turn into a private business.

Allete's main division, Minnesota Power, is serving 150,000 people, 14 municipalities, and some of the biggest industrial companies in the country.

Allete was reportedly considering selling in December 2024.


< >

Friday, May 24th 2024 - 03:13 UK watchdogs fine Citigroup £61.6 mln

Friday, May 17th 2024 - 03:04 Walmart more than triples quarterly net profit