ALLETE acquisition by CPP and GIP officially complete

DULUTH, Minn. — The acquisition of ALLETE by the Canada Pension Plan Investment Board(CPP) and Global Infrastructure Partners(GIP) is officially complete.

According to officials, this follows the final written order and unanimous approval by the Minnesota Public Utilities Commission (MPU).

SEE PREVIOUS: ALLETE acquisition approved by Minnesota Public Utilities Commission

SEE PREVIOUS: ALLETE sale now just one step away

The acquisition started in May of 2024 when ALLETE, the company that runs Minnesota Power and Superior Water, Light and Power of Wisconsin, along with other energy-related companies, announced it reached an agreement to be acquired.

The buyout price was $6.2 billion, including $67 a share for stockholders at a 19% premium, and assuming $2.3 billion in debt

As a result of the acquisition, officials say they will deliver around  $200 million in benefits to Minnesota Power customers.

These benefits include a one-year base rate freeze, $50 million in rate credits, and additional support for energy affordability and innovation.

Minnesota Power and Superior Water, Light, and Power remain public utilities; the costs of this acquisition will not affect customer rates