Allete receives written order from MPUC approving company’s acquisition

Allete (ALE) announced that it has reviewed the written order from the Minnesota Public Utilities Commission approving the company’s acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners. “The acquisition, which is expected to close on or about Dec. 15, subject to the satisfaction or waiver of the remaining closing conditions, aligns with Allete’s strategy to support a stronger, more flexible electric grid and other clean-energy transition investments while safeguarding reliability and reasonable rates for customers. Approximately $200 million in historic benefits are expected to be delivered to Minnesota Power customers and the regional economy through bill credits, assistance with past-due bills, and economic development opportunities as a result of the acquisition… The acquisition has also been approved by Allete shareholders and federal and state agencies, including the Federal Energy Regulatory Commission and the Public Service Commission of Wisconsin. As a result of the acquisition, shares of Allete common stock will cease to be listed for trading on the New York Stock Exchange,” the company stated.