07:57 AM EDT, 05/06/2024 (MT Newswires) -- (Updates with additional information.)

ALLETE ( ALE ) has entered into a definitive agreement with a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners, under which the partnership will acquire ALLETE ( ALE ) for $67 per share in cash, or $6.2 billion, including debt assumption, the companies said Monday.

The purchase price offers approximately a 19.1% premium over ALLETE's ( ALE ) closing share price on Dec. 4, 2023, the date prior to a media article reporting that ALLETE ( ALE ) was exploring a sale, according to the joint company statement.

ALLETE's ( ALE ) Minnesota Power and Superior Water, Light, and Power will remain independently operated, locally managed utilities. Bethany Owen will continue to serve as the Chief Executive Officer and ALLETE ( ALE ) will maintain its headquarters in Duluth, Minnesota, according to the statement.

The deal is expected to close in mid-2025, subject to customary closing conditions, including receipt of shareholders and regulatory approvals. Upon deal completion, ALLETE ( ALE ) will become a private company.

The board of ALLETE ( ALE ) has unanimously approved the deal, according to the statement.

ALLETE's ( ALE ) shares were up 0.1% in Monday premarket activity.

Price: 64.74, Change: +0.47, Percent Change: +0.73