CPPIB, GIP to buy U.S. utility owner Allete for $3.9 billion [Financial Post (Toronto, Ontario, Canada)]
Allete, Inc. (ALE)
Last allete, inc. earnings: 2/13 06:30 am
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US:NYSE Investor Relations:
investor.allete.com/investor-relations
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Source: Financial Post
Global Infrastructure Partners and Canada Pension Plan Investment Board agreed to acquire Allete Inc., a Minnesota-based utility owner, for about US$3.9 billion. The companies will acquire all the outstanding common shares of Allete for US$67 a share in cash, a 19 per cent premium to the utility owner's closing share price before a media article reported the deal in December, according to a statement Monday . The tie-up is valued at US$6.2 billion including the assumption of debt. Article content Article content The acquisition comes as U.S. electric utilities are facing the biggest demand jump in a generation. Booming interest in artificial intelligence is spurring development of data centres, while new factories and efforts to electrify more of the economy are all taxing the U.S. power grid. Allete shares slipped one per cent to US$63.62 at 10:12 a.m. in New York. They gained 5.6 per cent Friday, the most in almost five months, on initial reports that the deal was in the
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ALE
News
- World's largest asset manager behind Duluth energy company Allete's $6.2B sale [Yahoo! Finance]Yahoo! Finance
- ALLETE, Inc. (NYSE: ALE) had its price target raised by analysts at Mizuho from $57.00 to $67.00. They now have a "neutral" rating on the stock.MarketBeat
- ALLETE, Inc. (NYSE: ALE) is now covered by analysts at StockNews.com. They set a "hold" rating on the stock.MarketBeat
- Lifshitz Law PLLC Announces Investigations of ALE, PRFT, UNIT, and AGBAAccesswire
- PUC wants buyers of Duluth energy company Allete to clarify local workforce commitment [Yahoo! Finance]Yahoo! Finance
ALE
Earnings
- 5/9/24 - Miss
ALE
Sec Filings
- 5/17/24 - Form DEFA14A
- 5/9/24 - Form DEFA14A
- 5/9/24 - Form 10-Q
- ALE's page on the SEC website