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An update from Allete ( (ALE) ) is now available.
ALLETE, Inc. announced that the Federal Energy Regulatory Commission has approved its proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners. This approval is a major step towards finalizing the $6.2 billion merger, expected to close in mid-2025, which will see ALLETE becoming a subsidiary of Alloy Parent LLC. The transaction is anticipated to enhance long-term energy and infrastructure investments while maintaining local management and regulatory oversight. Importantly, the acquisition is not expected to affect retail or municipal rates for utility customers.
More about Allete
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. It operates electric utilities such as Minnesota Power and Superior Water, Light and Power of Wisconsin. The company also owns ALLETE Clean Energy, BNI Energy, and New Energy Equity, and holds an 8% equity interest in the American Transmission Co.
YTD Price Performance: 10.15%
Average Trading Volume: 272,797
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $3.72B
For a thorough assessment of ALE stock, go to TipRanks’ Stock Analysis page.
