Allete announces completion of acquisition by CPP, GIP

ALLETE (ALE) announced the completion of its acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners, following the final written order and unanimous approval by the Minnesota Public Utilities Commission. As a result of the acquisition, ALLETE, CPP Investments and GIP will deliver approximately $200M in benefits to Minnesota Power customers and communities, representing a historic commitment to the company’s customers. These benefits include a one-year base rate freeze, $50M ...