On May 6, 2024, ALLETE, Inc. (NYSE: ALE) entered into a definitive agreement to be acquired by a partnership led by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) for $91.32 (US$67.00) per share in cash, totaling $8.45 billion (US$6.2 billion) including debt assumption. This acquisition represented a 19.1% premium to ALLETE’s closing share price on December 4, 2023. The transaction aimed to support ALLETE's "Sustainability-in-Action" strategy by providing significant capital.

ALLETE's CEO, Bethany Owen, emphasized the alignment with ALLETE’s values and the continuity in operations, leadership, and community commitments. CPP Investments and GIP, known for their responsible investment approach, supported ALLETE’s clean-energy goals and community ties. The merger agreement included commitments to workforce retention, maintaining headquarters in Duluth, Minnesota, and honoring union contracts.

The acquisition was unanimously approved by ALLETE’s Board of Directors and was expected to close in mid-2025, pending regulatory and shareholder approvals. J.P. Morgan Securities LLC and Houlihan Lokey Capital, Inc. served as financial advisors to ALLETE, with Skadden, Arps, Slate, Meagher & Flom LLP providing legal counsel. Kirkland & Ellis counseled the acquiring consortium. ALLETE canceled its first-quarter 2024 earnings conference call due to the announced transaction.