ALLETE Inc. has announced that its proposed transaction with Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) is expected to close in 2025, following approval by the Minnesota Public Utilities Commission and other customary closing conditions. ALLETE, along with the Minnesota Department of Commerce, recently submitted a settlement agreement related to the transaction for consideration as part of the MPUC's overall review. The transaction has already received all other necessary approvals, including from ALLETE shareholders, the Federal Energy Regulatory Commission, and the Public Service Commission of Wisconsin. Post-transaction, Minnesota Power will continue to operate locally in Duluth, maintaining regulation by the Minnesota Public Utilities Commission, and ensuring that costs related to the transaction do not impact retail or municipal rates for utility customers.