Duluth electric utility owner Allete sold for $6.2 billion
May 6, 2024
A Canadian pension board and a New York-based investment firm have agreed to purchase Allete, the parent company of Duluth-based utility Minnesota Power, for $6.2 billion.
The partnership paid $67 per share to acquire Allete and plans to take the company private, pending approval from shareholders and regulators. Allete officials said the company will maintain local management and keep its headquarters in Duluth.
