Allete Stock Jumps on MPUC's Approval of $6.2B Sale
Allete (NYSE:ALE) shares climbed by 0.7% following the Minnesota Public Utilities Commission's (MPUC) approval of its planned acquisition. The commission gave the green light in a unanimous vote on Friday.
Allete's Chair, President, and CEO, Bethany Owen, expressed gratitude towards the MPUC for their approval. The 1 million dollar acquisition, announced in May 2024 by CPP Investments and GIP, will see Allete bought for $67 per share in cash, totaling $6.2 billion including debt. Despite initial searches not yielding results, the takeover was confirmed by Allete's statement on Friday. The acquisition is on track to close in late 2025.
Allete stock reacted positively to the MPUC's approval, climbing 0.7%. The acquisition, valued at $6.2 billion, is expected to finalize in late 2025, following the unanimous vote by the MPUC on Friday.
