ALLETE, Inc. (NYSE: ALE) received a written order from the Minnesota Public Utilities Commission on December 11, 2025 approving the company’s sale to Canada Pension Plan Investments and Global Infrastructure Partners. The transaction, valued at an enterprise value of $6.2 billion, is expected to close on December 15, 2025, after which ALLETE will become a private company and its shares will be delisted from the NYSE.
The approval follows prior shareholder consent and regulatory clearance from the Federal Energy Regulatory Commission and the Wisconsin Public Service Commission. The deal will remove ALLETE from public markets, allowing the new owners to pursue a long‑term strategy without the constraints of quarterly earnings pressure while maintaining the regulated utilities, Minnesota Power and Superior Water, Light and Power, under state oversight.
Customers of Minnesota Power will receive approximately $200 million in historic benefits, including a one‑year rate freeze, reductions in return‑on‑equity requirements, and funds earmarked for energy‑efficiency programs and arrearage forgiveness. These commitments are designed to protect consumers while the company invests in infrastructure and clean‑energy projects.
The acquisition will accelerate ALLETE’s $4.3 billion capital‑investment program, which targets modernization of a high‑voltage direct‑current transmission line and expansion of renewable‑energy assets. The new owners plan to deploy additional capital and expertise to meet Minnesota’s goal of a carbon‑free energy supply by 2040.
Chair, President and CEO Bethany Owen said the approval “strengthens ALLETE’s ability to invest in regional transmission infrastructure and clean‑energy technologies, ensuring reliable and affordable service for Minnesota Power customers while advancing the state’s environmental goals.”
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