---
schema_version: "secwatch.filing_event.v1"
accession: "0000066756-24-000034"
form_type: "8-K"
ticker: null
cik: "0000066756"
company_name: "ALLETE INC"
filed_at: "2024-05-06T23:59:59+00:00"
generated_at: "2026-06-02T22:35:06.697298+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000066756-24-000034
- form_type: 8-K
- cik: 0000066756
- company_name: ALLETE INC
- filed_at: 2024-05-06T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/66756/000006675624000034/0000066756-24-000034-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/66756/000006675624000034/ale-20240505.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000066756-24-000034
- JSON: https://secwatch.observer/filing/0000066756-24-000034.json
- Plain text: https://secwatch.observer/filing/0000066756-24-000034.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/66756/000006675624000034/0000066756-24-000034-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.