Is Allete a private company?

ALLETE has entered an agreement to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners and start the process to become a private company. Learn more at

Will Global Infrastructure Partners buy Allete?

Simply sign up to the Renewable energy myFT Digest -- delivered directly to your inbox. US private capital group Global Infrastructure Partners and Canada’s largest pension fund are nearing a deal to buy Allete, a regulated utility with sizeable clean energy operations, for about $5bn, said two people familiar with the matter.

Does Allete have a new CEO?

As part of the agreement, Owen will continue to serve as CEO along with the current management team, according to the release. In addition, Allete’s Minnesota Power and Superior Water, Light and Power (SWL&P) will continue as independently operated, locally managed, regulated utilities. The company’s headquarters will remain in Duluth, Minnesota.

Does Allete pay a dividend?

DULUTH, Minn. -- (BUSINESS WIRE)--Oct. 25, 2024-- The ALLETE, Inc. (NYSE:ALE) board of directors has declared a quarterly dividend of 70.5 cents per share of common stock. On an annual basis, the dividend is equivalent to $2.82 per share, unchanged from the previous quarter.

Will Allete's shares be traded on the New York Stock Exchange?

Allete’s shares will no longer trade on the New York Stock Exchange, Allete said in a news release. The transaction, which was unanimously approved by Allete’s board of directors, is expected to close in mid-2025, subject to approval of its shareholders along with required regulatory approvals and other customary closing conditions.

Should Allete buy GIP & Blackrock?

One of Allete’s main arguments for the sale is ready access to capital outside of the more volatile public markets, crucial for a planned spending spree on infrastructure like wind farms and transmission lines necessary to cut out fossil fuels. GIP and BlackRock have deep pockets.