The Federal Energy Regulatory Commission (FERC) has approved the acquisition of Allete Inc., a utility provider based in Duluth, Minnesota, by the Canada Pension Plan Investment Board and Global Infrastructure Partners. (Source: T. Schneider/Shutterstock.com)
The Federal Energy Regulatory Commission (FERC) has approved the acquisition of Allete Inc., a utility provider based in Duluth, Minnesota, by the Canada Pension Plan Investment Board (CPPIB) and Global Infrastructure Partners (GIP).
Under terms of the merger agreement announced on May 6, CPPIB and GIP will pay $6.2 billion, or $67 per share, in cash for Allete. Shareholders voted to approve the sale in August. The shares were trading at $64.63 a share at 10:18 a.m. Central time on Dec. 20.
Allete said it expects to complete the transaction in mid-2025.
The electric utility is the parent company of Minnesota Power, which the company said serves about 145,000 residents, 15 municipalities and large industrial customers. Its assets also include Allete Renewable Resources, which operates wind generation facilities in North Dakota, and New Energy Equity, a leading developer of distributed solar energy projects.
Recommended Reading
E&P Highlights: Jan. 21, 2025
2025-01-21 - Here’s a roundup of the latest E&P headlines, with Flowserve getting a contract from ADNOC and a couple of offshore oil and gas discoveries.
E&P Highlights: April 7, 2025
2025-04-07 - Here’s a roundup of the latest E&P headlines, from BP’s startup of gas production in Trinidad and Tobago to a report on methane intensity in the Permian Basin.
Diversified, Partners to Supply Electricity to Data Centers
2025-03-10 - Diversified Energy Co., FuelCell Energy Inc. and TESIAC will create an acquisition and development company focused on delivering reliable, cost efficient net-zero power from natural gas and captured coal mine methane.
Huddleston: Haynesville E&P Aethon Ready for LNG, AI and Even an IPO
2025-01-22 - Gordon Huddleston, president and partner of Aethon Energy, talks about well costs in the western Haynesville, prepping for LNG and AI power demand and the company’s readiness for an IPO— if the conditions are right.
Analysts’ Oilfield Services Forecast: Muddling Through 2025
2025-01-21 - Industry analysts see flat spending and production affecting key OFS players in the year ahead.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.