ALE News & Events

ALLETE announced the completion of its acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners, following the final written order and unanimous approval by the Minnesota Public Utilities Commission. As a result of the acquisition, ALLETE, CPP Investments and GIP will deliver approximately $200M in benefits to Minnesota Power customers and communities, representing a historic commitment to the company's customers. These benefits include a one-year base rate freeze, $50M in rate credits, and additional support for energy affordability and innovation. Under the terms of the merger agreement, CPP Investments and GIP acquired all the outstanding common shares of ALLETE and ALLETE common shareholders will receive $67 per share in cash shortly after closing. Trading of ALLETE'S stock was suspended prior to the opening of trading on the New York Stock Exchange today.

On Dec. 14, 2025, the board of directors of ALLETE declared a "stub period" dividend, subject to the consummation of the merger, in an amount equal to $0.008 per share of Company common stock multiplied by the number of days from and including August 16, 2025, the day after the record date for the most recent regular quarterly common stock dividend, to and including the closing date of the Company's previously announced acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners. As previously disclosed, the board of directors of the Company fixed October 16, 2025 as the record date for the "stub period" dividend, provided holders of Company common stock hold their shares to the closing the transaction. The stub period dividend is payable to all holders of Company common stock who also receive the merger consideration. The payment date of the stub period dividend is the fifth business day after the closing of the transaction.

Canada Pension Plan Investment Board and Global Infrastructure Partners are acquiring Allete in a deal expected to close soon, pending final closing conditions.