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Submitted URL: http://www.alleteforward.com/
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Submission: On May 08 via manual from IN — Scanned from DE
Effective URL: https://www.alleteforward.com/
Submission: On May 08 via manual from IN — Scanned from DE
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HomeEmployees, Customers, and CommunitiesResources ALLETE + CPP INVESTMENTS & GIP ADVANCING ALLETE’S ‘SUSTAINABILITY-IN-ACTION’ STRATEGY AS A PRIVATE COMPANY CREATING A STRONGER COMPANY FOR EMPLOYEES, CUSTOMERS AND COMMUNITIES COMMITMENT TO OUR EMPLOYEES Agreement provides commitments with respect to workforce retention, as well as maintaining compensation levels and benefits programs and honoring union contracts. We will also work with our new partners to offer career growth opportunities for our teams. COMMITMENT TO OUR EMPLOYEES ESTABLISHING A STRONGER COMPANY FOR CUSTOMERS Partnership strengthens ALLETE’s ability to provide safe, reliable energy, with no expected impact on retail or municipal rates for utility customers. Together, we will build on our 100+ year history of providing reliable, affordable energy to customers who are depending on us. ESTABLISHING A STRONGER COMPANY FOR CUSTOMERS MAINTAINING CURRENT HEADQUARTERS AND LEADERSHIP ALLETE’s Minnesota Power and Superior Water, Light and Power (SWL&P) will continue as independently operated, locally managed, regulated utilities. Bethany Owen will continue as Chief Executive Officer and the current management team will continue to lead ALLETE. ALLETE will continue to be headquartered in Duluth, Minnesota. MAINTAINING CURRENT HEADQUARTERS AND LEADERSHIP MEETING THE ENERGY NEEDS OF THE FUTURE CPP Investments and GIP share our commitments to a clean-energy future and achieving carbon-free goals of the respective states in which ALLETE and its companies operate. Through this partnership, we will have access to capital and further expertise in the sector so we can focus on executing our ambitious strategy including significant additions of renewable assets, carbon-reduction investments, and inter-regional reliability enhancing transmission infrastructure. MEETING THE ENERGY NEEDS OF THE FUTURE CONTRIBUTING TO COMMUNITIES ALLETE and its family of businesses and the Minnesota Power Foundation will continue to make economic and charitable contributions in service territories to support vibrant and sustainable communities, close opportunity gaps, and help people of all ages live with purpose and passion. ALLETE will continue to invest corporate resources and employee volunteer hours to help build thriving communities. CONTRIBUTING TO COMMUNITIES TERMS OF TRANSACTION DELIVER CASH PREMIUM TO SHAREHOLDERS $67.00 per share in cash $6.2B total enterprise value, including the assumption of debt 19.1% premium to ALLETE’s unaffected share price1 Unanimous Approval by the ALLETE Board of Directors Clear path to completion by mid-2025 1 Compared to ALLETE’s closing share price on December 4, 2023, the date prior to a media article reporting that the Company was exploring a sale > “Through this transaction with CPP Investments and GIP, we will have access to > the capital we need while keeping our customers, communities and co-workers at > the forefront of all that we do, with continuity of our day-to-day operations, > strategy and shared purpose and values. CPP Investments and GIP have a > successful track record of long-term partnerships with infrastructure > businesses, and they recognize the important role our ALLETE companies serve > in our communities as well as our nation’s energy future." Bethany Owen Chair, President, and Chief Executive Officer, ALLETE > “ALLETE’s management team has done an excellent job leading the company toward > a truly sustainable clean-energy future. Together with GIP, we look forward to > bringing our sector expertise and long-term capital to support ALLETE’s strong > management team as they continue to deliver safe, reliable, affordable energy > services to their customers. ALLETE is at the forefront of the clean energy > transition and we are thrilled to support the delivery of the company’s > ‘Sustainability-in-Action’ strategy, which we believe will generate > substantial value both for ALLETE’s customers and CPP contributors and > beneficiaries.” James Bryce MaNAGING DIRECTOR AND GLOBAL head of INFRASTRUCTURE, cpp investments > “We are excited to work with Bethany Owen and the full ALLETE team as they > continue to supply affordable and reliable energy services. GIP, alongside CPP > Investments, look forward to partnering to provide ALLETE with additional > capital so they can continue to decarbonize their business to benefit the > customers and communities they serve. Bringing together ALLETE, with its > demonstrated commitment to clean energy, with GIP, one of the world’s premier > developers of renewable power, furthers our commitment to serve growing market > needs for affordable, carbon-free and more secure sources of energy.” Bayo Ogunlesi CHAIRMAN AND CHIEF EXECUTIVE OFFICER, gip ALLETE CONTACTS 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 CPP INVESTMENTS CONTACT Asher Levine Managing Director, Corporate Communications alevine@cppib.com GLOBAL INFRASTRUCTURE PARTNERS (GIP) CONTACT Mustafa Riffat Managing Director & Global Head of Communications mustafa.riffat@global-infra.com