ALLETE Acquired by CPP Investments and GIP, Shareholders to Receive $67 per Share

ALLETE announced the completion of its acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners, following the final written order and unanimous approval by the Minnesota Public Utilities Commission. As a result of the acquisition, ALLETE, CPP Investments and GIP will deliver approximately $200M in benefits to Minnesota Power customers and communities, representing a historic commitment to the company's customers. These benefits include a one-year base rate freeze, $50M in rate credits, and additional support for energy affordability and innovation. Under the terms of the merger agreement, CPP Investments and GIP acquired all the outstanding common shares of ALLETE and ALLETE common shareholders will receive $67 per share in cash shortly after closing. Trading of ALLETE'S stock was suspended prior to the opening of trading on the New York Stock Exchange today.