DULUTH, MN (KDAL) – The Canada Pension Plan Investment Board and Global Infrastructure Partners have announced the completion of the acquisition of Duluth based Allete Incorporated.
It follows final written orders and unanimous approval by the Minnesota Public Utilities Commission.
According to an Allete news release, the deal includes a one year base rate freeze, 50 million dollars in rate credits for customers and up to 3.5 million dollars for forgiveness of past due residential bills.
The Allete Headquarters will remain in Duluth and both Minnesota Power and Superior Water Light and Power will continue to be fully regulated by the Minnesota Public Utility Commission and the Public Service Commission of Wisconsin.
Allete shareholders will receive 67 dollars per share in cash and trading of Allete stock was suspended prior to the opening of the Stock Exchange on Monday.
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