ALLETE to be acquired by CPP Investments/GIP for $67.00/share ($6.2B enterprise value)

ALLETE INC

Shareholders will receive $67.00 per share in cash; enterprise value ~$6.2B including net debt.
Premium of 19.1% over ALLETE's closing price on Dec 4, 2023 (prior to sale speculation).
Deal expected to close in mid-2025, subject to shareholder vote and regulatory approvals (MPUC, PSCW, FERC, CFIUS, HSR).
ALLETE will remain locally managed, HQ in Duluth; CEO Bethany Owen continues; workforce and compensation commitments.
Termination fees: $212M/$164M payable by Parent (certain circumstances), $116M payable by ALLETE.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ALLETE INC entered into Agreement and Plan of Merger with Alloy Parent LLC and Alloy Merger Sub LLC valued at Merger consideration of $67.00 per share in cash, aggregate equity value approximately $3.9 billion (effective 2024-05-05).

Action: entry
Agreement: merger
Counterparty: Alloy Parent LLC and Alloy Merger Sub LLC
Value: Merger consideration of $67.00 per share in cash, aggregate equity value approximately $3.9 billion
Effective: 2024-05-05

Exact text from the filing

On May 5, 2024, ALLETE, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Alloy Parent LLC, a Delaware limited liability company (“Parent”), and Alloy Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of Parent (“Merger Sub”).

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Source: SEC EDGAR

accession 0000066756-24-000034

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