Allete, Inc.: 11% Return Beats A Bank For Short-Term Idle Cash

On May 6, 2024, ALLETE and a partnership led by Canada Pension Plan Investment Board (“CPP Investments”) and Global Infrastructure Partners (“GIP”), (the “partnership”), jointly announced that they have entered into a definitive agreement under which the partnership will acquire ALLETE for $67.00 per share in cash, or$6.2 billion including the assumption of debt (the "Merger"). The transaction is expected to close in mid-2025 and is subject to the approval of ALLETE’s shareholders, the receipt of regulator ...