Brief: Allete Enters Agreement To Be Acquired By A Partnership Led By Canada Pension Plan Investment Board And Global Infrastructure Partners To Advance ‘Sustainability-In-Action’ Strategy

ALLETE

06/05/2024 12:36

May 6 (Reuters) - ALLETE Inc  ALE.N :
    * ALLETE ENTERS AGREEMENT TO BE ACQUIRED BY A PARTNERSHIP
LED BY
CANADA PENSION PLAN INVESTMENT BOARD AND GLOBAL INFRASTRUCTURE
PARTNERS TO ADVANCE ‘SUSTAINABILITY-IN-ACTION’ STRATEGY
    * ALLETE INC: SHAREHOLDERS TO RECEIVE $67.00 PER SHARE IN
CASH
    * ALLETE INC: PROPOSED DEAL FOR $6.2 BILLION
    * ALLETE INC - PROPOSED DEAL FOR $6.2 BILLION INCLUDING
ASSUMPTION
OF DEBT.
    * ALLETE INC: AGREEMENT CONTAINS COMMITMENTS TO RETAIN CO'S
WORKFORCE AND MAINTAIN COMPENSATION LEVELS AND BENEFITS PROGRAMS
    * ALLETE INC: AGREEMENT ALSO HONORS UNION CONTRACTS
INCLUDING OUR
STRONG PARTNERSHIP WITH INTERNATIONAL BROTHERHOOD OF ELECTRICAL
WORKERS
    * ALLETE INC: TO REMAIN LOCALLY MANAGED AND OPERATED WITH HQ
IN
DULUTH, MINNESOTA
    * ALLETE INC - FOLLOWING DEAL CLOSE, MINNESOTA POWER AND
SWL&P
WILL CONTINUE TO BE REGULATED BY MPUC, PSCW AND FERC
    * ALLETE INC - UPON COMPLETION OF ACQUISITION, ALLETE'S
SHARES
WILL NO LONGER TRADE ON NEW YORK STOCK EXCHANGE, AND ALLETE WILL
BECOME A PRIVATE COMPANY

Source text for Eikon:  ID:nBw10864Ja 
Further company coverage:  ALE.N 

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