<div id="readability-page-1"><div><p>Canada Pension Plan Investment Board and Global Infrastructure Management, LLC entered into a definitive agreement to acquire ALLETE, Inc. (NYSE:ALE) from The Vanguard Group, Inc., BlackRock, Inc. (NYSE:BLK) and others for $3.9 billion in a going private transaction on May 5, 2024. In connection with the merger, CPP Investments and GIP will acquire all of the outstanding common shares of ALLETE for $67.00 per share in cash representing an enterprise value of approximately $6.2 billion, including ALLETE?s net debt. Upon completion of the acquisition, ALLETE?s shares will no longer trade on the New York Stock Exchange, and ALLETE will become a private company. Upon termination of the Merger Agreement under certain specified circumstances, CPPIB and Global Infrastructure Management would be required to pay a termination fee of $212 million or $164 million (depending on the specific circumstances of termination) to ALLETE, and under other specified circumstances, ALLETE would be required to pay CPPIB and Global Infrastructure Management a termination fee of $116 million.</p><p>  The acquisition includes all of ALLETE's businesses, each company will continue to operate under its current name and brand. ALLETE will remain locally managed with our headquarters in Duluth, Minnesota, and we will continue our strong engagement with all the communities our ALLETE companies and talented teams serve. Bethany Owen will continue as a Chief Executive Offer and current management team will continue to lead ALLETTE.</p><p>  The transaction is subject to the approval of ALLETE?s shareholders, the receipt of regulatory approvals, including by the MPUC, PSCW and FERC, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions. Dividends payable to ALLETE shareholders are expected to continue in the ordinary course until the closing, subject to approval by ALLETE?s Board of Directors. The acquisition was unanimously approved by ALLETE?s Board of Directors and board of CCPIB and Global Infrastructure Management. On August 8, 2024, The European Commission (EC) has cleared the proposed acquisition of Allete. As of August 21, 2024, Allete shareholders approved the transaction. The merger is expected to close in mid-2025. As on December 19, 2024, the transaction has been approved by Federal Energy Regulatory Commission and remains subject to certain regulatory approvals and other customary closing conditions. As of March 10, 2025, the transaction was approved by Public Service Commission of Wisconsin. As of July 15, 2025, an Administrative Law Judge recommending that the Minnesota Public Utilities Commission (PUC) reject the proposed private equity buyout of ALLETE, Inc. Parties to the case, including CURE, Sierra Club, the Minnesota Attorney General?s Office, large industrial customers, and ratepayer protection advocates, oppose the acquisition because the evidence shows that it is not consistent with the public interest. The parties submitted evidence showing that private equity ownership would have negative impacts for customers and utility operations. As on September 3, 2025 elected officials and community members gathered outside of Minnesota Power?s headquarters to call on the Minnesota Public Utilities Commission to reject the utility?s private equity acquisition. As of September 25, 2025 Public Utilities Commission to make a decision on the proposed acquisition on October 3. 2025. As of October 3, 2025, Minnesota Public Utilities Commission voted unanimously in favor of approval of the Merger of ALLETE by CPP Investments and GIP. With this, all required regulatory approvals are secured. The transaction is expected to close in late 2025. As of October 31, 2025, ALLETE awaits a written order from the Minnesota Public Utilities Commission (?MPUC?) in order to execute the closing of the transaction.</p><p>J.P. Morgan Securities LLC is acting as lead financial advisor and provided a fairness opinion to ALLETE, and Houlihan Lokey Capital, Inc. acted as financial advisor and also provided a fairness opinion to ALLETE. Pankaj Sinha, Emily Prezioso Walsh, Erik Elsea of Skadden, Arps, Slate, Meagher &amp; Flom LLP is acting as legal advisors to ALLETE. Andrew T. Calder, Emily Lichtenheld, Melissa Kalka, Mary Kogut, Chad Davis, Julian Seiguer, Bryan Flannery, David Wheat, Stephen Butler, Brooksany Barrowes, Ben Hardison and Doug Bacon of Kirkland &amp; Ellis LLP and David S. Allinson, Richard Quay and David Beller of Latham &amp; Watkins LLP acted as legal advisors for CPPIB and Global Infrastructure Management. Morgan Stanley &amp; Co. LLC and Moelis &amp; Company acted as financial advisors for CPPIB and Global Infrastructure Management. Aaron Dixon of Alston &amp; Bird, LLP represented Houlihan Lokey as financial advisor to ALLETE, Inc. Georgeson LLC acted as information agent to ALLETE. Georgeson LLC received a fee of $35,000. Equiniti Trust Company acted as transfer agent to ALLETE. J.P. Morgan received a a fee of approximately $41 million, of which $4 million became payable upon delivery of its opinion. Houlihan Lokey is entitled to an aggregate fee of $2,500,000 for its services. <br/> Canada Pension Plan Investment Board and Global Infrastructure Management, LLC completed the acquisition of ALLETE, Inc. (NYSE:ALE) from The Vanguard Group, Inc., BlackRock, Inc. (NYSE:BLK) and others in a going private transaction on December 15, 2025.</p></div></div>

<p>加拿大养老金计划投资委员会和全球基础设施管理公司完成了对 ALLETE, Inc.的收购，收购方为先锋集团、黑石集团等，交易金额为 39 亿美元。该交易的估值为 62 亿美元（包括债务），已获得所有必要监管机构和 ALLETE 股东的批准。ALLETE 将成为一家私营公司，其股票将不再在纽约证券交易所交易。此次收购包括 ALLETE 的所有业务，这些业务将继续以其当前名称和管理层运营</p>

Canada Pension Plan Investment Board and Global Infrastructure Management, LLC completed the acquisition of ALLETE, Inc. from The Vanguard Group, Inc., BlackRock, Inc. and others in a going private transaction.

加拿大养老金计划投资委员会和全球基础设施管理有限责任公司完成了对 Allete 公司的收购，此次私有化交易的卖方包括先锋集团、贝莱德公司及其他公司