Allete announces completion of acquisition by CPP, GIP

Core Viewpoint - ALLETE has been successfully acquired by Canada Pension Plan Investment Board and Global Infrastructure Partners, marking a significant development in the energy sector with a commitment to deliver substantial benefits to Minnesota Power customers and communities [1] Group 1: Acquisition Details - The acquisition was finalized following the unanimous approval by the Minnesota Public Utilities Commission [1] - CPP Investments and GIP have acquired all outstanding common shares of ALLETE, with shareholders set to receive $67 per share in cash [1] - Trading of ALLETE's stock was suspended prior to the opening of trading on the New York Stock Exchange [1] Group 2: Customer Benefits - The acquisition will provide approximately $200 million in benefits to Minnesota Power customers and communities [1] - Key benefits include a one-year base rate freeze and $50 million in rate credits [1] - Additional support will be directed towards energy affordability and innovation initiatives [1]