ALLETE, Inc. (NYSE:ALE) inked a deal to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners for $6.2 billion, including the assumption of debt.
As per the terms, CPP Investments and GIP will acquire ALLETE for $67.00 per share in cash, representing an premium of around 19.1% to ALLETE’s closing share price on December 4, 2023, the date prior to a media article reporting that ALLETE was exploring a sale. The consideration also represents a 22.1% premium to the 30-day volume weighted average share price prior to that date.
The acquisition, which was unanimously approved by the Board of Directors, is ...