The Canadian pension giant and New York-based Global Infrastructure Partners have agreed to acquire Minnesota Power-owner Allete for US$67 per share in cash. The deal is valued at US$6.2 billion, including the assumption of Allete’s debt. The utility company will stay headquartered in Minnesota and go private as part of the deal. (The Logic)
Skip to content
The Canadian pension giant and New York-based Global Infrastructure Partners have agreed to acquire Minnesota Power-owner Allete for US$67 per share in cash. The deal is valued at US$6.2 billion, including the assumption of Allete’s debt. The utility company will stay headquartered in Minnesota and go private as part of the deal. (The Logic)
Talking point: Investors are giving utility companies a fresh look as artificial intelligence and electric vehicles increase demands for power. Allete said the deal will help advance its sustainability strategy. In addition to its core electric utility business, Allete also owns a wind energy company, a coal company, and a solar power firm. CPP Investments’ move to back a U.S. utility comes as former Bank of Canada governor Stephen Poloz has been tapped to lead a group that will “identify priority investment opportunities” for pension funds and encourage them to spend more domestically.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
News
Canada’s Arctic defence push is overwhelming communities in the North
Briefing
Nvidia sheds billions in value amid probe of Huang’s affair with suspected Chinese spy
PSP Investments to buy 50% of Brookfield’s Enercare for $1.6B
Barrick chooses NYSE for IPO
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
