ALLETE Obtains Regulatory Approval from Minnesota Public Utilities Commission for Partnership with CPP Investments and Global Infrastructure Partners

Core Points - The Minnesota Public Utilities Commission (MPUC) has unanimously approved the acquisition of ALLETE, Inc. by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) [1] - All necessary regulatory approvals have been secured, and the transaction is anticipated to close in late 2025, pending the issuance of the MPUC's written order [1] Company Summary - ALLETE, Inc. is set to undergo an acquisition by CPP Investments and GIP, indicating a significant shift in ownership structure [1] - The approval from MPUC marks a critical milestone in the acquisition process, showcasing regulatory support for the transaction [1] Industry Summary - The acquisition reflects ongoing trends in the utility sector, where institutional investors like CPP Investments and GIP are increasingly involved in infrastructure investments [1] - The expected closing of the transaction in late 2025 suggests a long-term strategic investment approach within the utilities industry [1]