Allete announced that the Public Service Commission of Wisconsin today approved the company’s proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners.
“The PSCW’s decision brings us another step closer to completing this transaction for the benefit of our customers, our communities, and our employees after the resounding approval from our shareholders last year as well as the approval of the Federal Energy Regulatory Commission,” said Allete Chair, President, and CEO Bethany Owen. “As we plan our long-term energy and infrastructure investments, we appreciate the commission’s timely consideration and approval of our transaction and look forward to the tremendous opportunities it creates.”
PSCW approval was needed because Allete owns Superior Water, Light and Power, a regulated utility that delivers electricity, natural gas and water to Wisconsin customers.
Owen said Allete continues to work on securing the last major regulatory approval for the transaction from the Minnesota Public Utilities Commission. As previously announced in May 2024, under the terms of the merger agreement CPP Investments and GIP will acquire all outstanding common shares of Allete for $67 per share in cash, or $6.2 billion, without interest, including the assumption of debt.
Following close, Allete will remain locally managed and operated. Its utilities, Minnesota Power and SWL&P, will continue to be regulated by the MPUC, the PSCW and FERC. The acquisition is not expected to impact retail or municipal rates for utility customers. Allete expects to complete the transaction in mid-2025, subject to remaining regulatory approvals and other customary closing conditions.
-- Allete press release
