05:33 PM EDT, 08/21/2024 (MT Newswires) -- Allete ( ALE ) said late Wednesday that its shareholders voted to approve the company's proposed acquisition by investment funds Canada Pension Plan Investment Board and Global Infrastructure Partners.

A preliminary vote count shows about 97% of the votes cast favored the deal, representing roughly 74% of all outstanding shares.

Under the terms of the agreement, the investment funds will acquire all outstanding common shares of Allete ( ALE ) for $67 apiece in cash, or $6.2 billion in total.

The transaction is expected to close in mid-2025.

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