Allete, Inc. has announced that its shareholders have voted to approve the company's proposed transaction with Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) at a special meeting. Under the terms of the merger agreement, CPP Investments and GIP will acquire all outstanding common shares of Allete for $67 per share in cash, totaling $6.2 billion without interest.
Approximately 97% of votes cast were in favor of the proposed transaction, representing about 74% of all outstanding shares. This strong demonstration of support from shareholders marks an important milestone for the company. The final voting results will be reported in a form 8-K filed with the U.S. Securities and Exchange Commission.
The transaction is subject to certain regulatory approvals, including those from the Minnesota Public Utilities Commission, the Public Service Commission of Wisconsin, and the Federal Energy Regulatory Commission, as well as other customary closing conditions. Allete expects to complete the transaction in mid-2025.
Allete, Inc. is an energy company headquartered in Duluth, Minnesota, and in addition to its electric utilities, it owns Allete Clean Energy, BNI Energy, and New Energy Equity, and has an 8% equity interest in the American Transmission Co. Today the company's shares have moved 0.1% to a price of $63.34. For more information, read the company's full 8-K submission here.
