05:46 PM EST, 12/19/2024 (MT Newswires) -- Allete ( ALE ) won US Federal Energy Regulatory Commission approval for its $6.2 billion buyout by the Canada Pension Plan Investment Board and Global Infrastructure Partners.

The acquisition at $67 a share in cash includes debt assumption and is expected to close by mid-2025, pending regulatory approvals, Duluth, Minnesota-based Allete ( ALE ) said Thursday in a statement.

After the transaction closes, Allete ( ALE ) will remain locally managed with its utilities, Minnesota Power and Superior Water, Light & Power, continuing to be regulated by the Minnesota Public Utilities Commission, the Public Service Commission of Wisconsin and FERC, the company said.