ALLETE shareholders approve proposed transaction with Canada Pension Plan Investment Board and Global Infrastructure Partners
21 Agosto 2024 - 3:57PM
Business Wire
ALLETE continues to expect transaction to close
in mid-2025
ALLETE, Inc. (NYSE: ALE) announced that its shareholders voted
today to approve the company’s proposed transaction with Canada
Pension Plan Investment Board (CPP Investments) and Global
Infrastructure Partners (GIP) at a special meeting of
shareholders.
As previously announced, under the terms of the merger
agreement, CPP Investments and GIP will acquire all outstanding
common shares of ALLETE for $67 per share in cash, or $6.2 billion,
without interest.
“We thank our shareholders for this strong demonstration of
support for our transaction with CPP Investments and GIP, and for
their investment in ALLETE over the past decades,” said ALLETE
Chair, President, and CEO Bethany Owen. “Having reached this
important milestone, we are now one step closer to realizing the
meaningful benefits we see ahead for all ALLETE stakeholders as the
result of this partnership. We will continue to work closely with
our partners in the months ahead to complete this transaction and
enter our next chapter of growth for ALLETE, while continuing our
excellent customer service, commitments to our communities, and
opportunities for our employees."
Based on the preliminary vote count from today’s special
shareholder meeting, approximately 97% of votes cast were in favor
of the proposed transaction, representing approximately 74% of all
outstanding shares. The final voting results will be reported in a
Form 8-K filed with the U.S. Securities and Exchange
Commission.
Approval by ALLETE shareholders was a condition to the closing
of the transaction, which remains subject to certain regulatory
approvals, including by the Minnesota Public Utilities Commission,
the Public Service Commission of Wisconsin, and the Federal Energy
Regulatory Commission, and other customary closing conditions.
ALLETE expects to complete the transaction in mid-2025.
ALLETE, Inc. is an energy company headquartered in Duluth,
Minnesota. In addition to its electric utilities, Minnesota Power
and Superior Water, Light and Power of Wisconsin, ALLETE owns
ALLETE Clean Energy, based in Duluth, Minnesota; BNI Energy in
Bismarck, North Dakota; and New Energy Equity, headquartered in
Annapolis, Maryland; and has an 8% equity interest in the American
Transmission Co. More information about ALLETE is available at
www.allete.com. ALE-CORP
ALLETE calculates and reports carbon emissions based on the GHG
Protocol. Details are in ALLETE’s Corporate Sustainability
Report.
FORWARD-LOOKING STATEMENTS DISCLAIMER
This communication contains “forward-looking statements” within
the meaning of the federal securities laws, including safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
statements regarding the proposed acquisition of ALLETE, regulatory
approvals, the expected timetable for completing the proposed
transaction and any other statements regarding ALLETE’s future
expectations, beliefs, plans, objectives, financial conditions,
assumptions or future events or performance that are not historical
facts. This information may involve risks and uncertainties that
could cause actual results to differ materially from such
forward-looking statements. These risks and uncertainties include,
but are not limited to: the timing to consummate the proposed
transaction; the risk that the conditions to closing of the
proposed transaction may not be satisfied; the risk that a
regulatory approval that may be required for the proposed
transaction is not obtained or is obtained subject to conditions
that are not anticipated; and the diversion of management’s time on
transaction-related issues.
When used in this communication, or any other documents, words
such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,”
“target,” “could,” “goal,” “intend,” “objective,” “plan,”
“project,” “seek,” “strategy,” “target,” “may,” “will” and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are based on the beliefs and
assumptions of management at the time that these statements were
prepared and are inherently uncertain. Such forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in the forward-looking statements. These risks and uncertainties,
as well as other risks and uncertainties that could cause ALLETE’s
actual results to differ materially from those expressed in the
forward looking statements, are described in greater detail under
the heading “Item 1A. Risk Factors” in ALLETE’s Form 10-Q for the
quarter ended June 30, 2024, ALLETE’s Form 10-K for the year ended
December 31, 2023 and in subsequently filed Forms 10-Q and 8-K, and
in any other SEC filings made by ALLETE. Management cautions
against putting undue reliance on forward-looking statements or
projecting any future results based on such statements or present
or prior earnings levels. Forward-looking statements speak only as
of the date hereof, and ALLETE does not undertake any obligation to
update or supplement any forward-looking statements to reflect
actual results, new information, future events, changes in its
expectations or other circumstances that exist after the date as of
which the forward-looking statements were made.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240821839280/en/
Investor Contact: Vince Meyer Director - Investor Relations
& Treasury 218-723-3952 vmeyer@allete.com
Media Contact: Amy Rutledge Director - Corporate Communications
218-723-7400 arutledge@allete.com
Allete (NYSE:ALE)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Allete (NYSE:ALE)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024