ALLETE, Inc. has completed its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP). As part of the agreement, ALLETE common shareholders will receive $67 per share in cash. The transaction brings approximately $200 million in benefits to Minnesota Power customers and communities, including a one-year base rate freeze, $50 million in rate credits, and additional support for energy affordability and innovation. ALLETE will remain headquartered in Duluth, MN, with its current leadership and workforce, and its utilities will continue to be fully regulated. CPP Investments and GIP have also committed to funding ALLETE's five-year plan to strengthen and expand the transmission grid and advance its energy transition efforts.