ALLETE, Inc. announced that its shareholders voted today to approve the company’s proposed transaction with Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) at a special meeting of shareholders.
As previously announced, under the merger agreement terms, CPP Investments and GIP will acquire all outstanding common shares of ALLETE for $67 per share in cash, or $6.2 billion, without interest.
“We thank our shareholders for this strong demonstration of support for our transaction with CPP Investments and GIP, and for their investment in ALLETE over the past decades,” said ALLETE Chair, President, and CEO Bethany Owen. “Having reached this important milestone, we are now one step closer to realizing the meaningful benefits we see ahead for all ALLETE stakeholders as the result of this partnership. We will continue to work closely with our partners in the months ahead to complete this transaction and enter our next chapter of growth for ALLETE, while continuing our excellent customer service, commitments to our communities, and opportunities for our employees."
Based on the preliminary vote count from today’s special shareholder meeting, approximately 97% of votes cast favored the proposed transaction, representing approximately 74% of all outstanding shares. The final voting results will be reported in a Form 8-K filed with the U.S. Securities and Exchange Commission.
Approval by ALLETE shareholders was a condition to the closing of the transaction, which remains subject to certain regulatory approvals, including by the Minnesota Public Utilities Commission, the Public Service Commission of Wisconsin, and the Federal Energy Regulatory Commission, and other customary closing conditions. ALLETE expects to complete the transaction in mid-2025.
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, Minnesota; BNI Energy in Bismarck, North Dakota; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co. – ALLETE press release
CITY OF DULUTH
City of Duluth to host open house events to inform and gather feedback regarding Athletics Venues Reinvestment Initiative
The City of Duluth is developing an Athletic Venues Reinvestment Initiative action plan to guide over $30 million of investments in park-based athletic venues that drive regional sports tourism.
The action plan will provide prioritized recommendations for investment in indoor and outdoor athletic venues serving the Duluth community now and in the future. This planning effort will take a fresh look at our existing athletic facilities, explore new opportunities for reinvestment and co-investment, and engage community members to ensure the action plan reflects local values and priorities.
Three public, informational open house events are planned for community members to learn more about AVRI and to provide their input, preferences, and priorities. Participants may come and go as they please in these open house events, staying for as little or as long as they’d like. Participants need only attend one open house, as the same information and input opportunities will be provided at each.
The open house events will take place at the following times and locations across the city next week:
. Tuesday at Portman Community Center, 4601 McCulloch Street, from 5:00 pm - 7:00 pm.
. Wednesday at Duluth Public Library, 520 W. Superior Street (in the Green Room), from 11:15 am – 1:15 pm.
. Wednesday at Morgan Park Community Center, 1242 88th Avenue W. from 5:00 pm – 7:00 pm. – City of Duluth press release
