ALLETE Announces Completion of Acquisition by CPP Investments and Global Infrastructure Partners

Core Viewpoint - ALLETE, Inc. has completed its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP), following approval from the Minnesota Public Utilities Commission (MPUC) [1][3]. Financial Commitments - The acquisition will deliver approximately $200 million in benefits to Minnesota Power customers and communities, including a one-year base rate freeze and $50 million in rate credits [2][4]. - Transaction-related costs will not affect customer rates [5]. Infrastructure and Management - CPP Investments and GIP will fund ALLETE's five-year plan to strengthen and expand the transmission grid and support the energy transition [3]. - ALLETE will remain locally managed and headquartered in Duluth, MN, with its current leadership team and workforce retained [3][4]. Governance - The board of directors will be majority independent, with several members from Minnesota and Wisconsin, ensuring regional representation in utility decision-making [3][4]. Shareholder Returns - Under the merger agreement, CPP Investments and GIP acquired all outstanding common shares of ALLETE, with shareholders receiving $67 per share in cash shortly after closing [4].