Allete announces PSCW approves Canada Pension Plan Investment Board transaction

ALLETE (ALE) “announced that the Public Service Commission of Wisconsin – PSCW – approved the company’s proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners. PSCW approval was needed because ALLETE owns Superior Water, Light and Power, a regulated utility that delivers electricity, natural gas and water to Wisconsin customers. Owen said ALLETE continues to work on securing the last major regulatory approval for the transaction from the Minnesota Public Utilities Commission. As previously announced in May 2024, under the terms of the merger agreement CPP Investments and GIP will acquire all outstanding common shares of ALLETE for $67 per share in cash, or $6.2 billion, without interest, including the assumption of debt. Following close, ALLETE will remain locally managed and operated.”