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Canada Pension Plan to acquire ALLETE for $6.2 billion

Apr 07, 2025•5 months ago

Acquiring Company

Canadian-backed firm

Acquired Company

Allete

Description

Canada Pension Plan Investment Board plans to acquire ALLETE, Minnesota Power's parent company, for $6.2 billion. Public hearings are being held to discuss the proposed acquisition, with approval required from the Minnesota Public Utilities Commission. ALLETE has assured that electricity rates will not be affected and will continue to be locally managed. Opponents of the acquisition express concerns over potential risks for ratepayers and the future of clean energy investments.

Company Information

Company

Canadian-backed firm

About

Canada Pension Plan Investment Board (CPP InvestmentsTM) is a professional investment management organization that manages the Fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At June 30, 2021, the Fund totaled C$519.6 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.

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