Allete Stock Price, News & Analysis

ALLETE, Inc. (historically NYSE: ALE) is an energy company headquartered in Duluth, Minnesota. According to company disclosures, ALLETE’s businesses include regulated public utilities and energy-focused subsidiaries that together support electric and related services across parts of the Upper Midwest and other U.S. regions. The company has operated through Minnesota Power and Superior Water, Light and Power of Wisconsin as its regulated electric utilities, along with ALLETE Clean Energy, BNI Energy, New Energy Equity and an equity interest in American Transmission Co.

ALLETE’s regulated utility operations are centered on Minnesota Power, which provides electric service within a 26,000‑square‑mile area in northeastern Minnesota. Minnesota Power serves approximately 150,000 customers, 14 municipalities and some of the largest industrial customers in the United States. Superior Water, Light and Power of Wisconsin is another regulated public utility within the ALLETE family, providing electric, water and gas service in its territory and operating under oversight from the Public Service Commission of Wisconsin.

Beyond its regulated utilities, ALLETE owns ALLETE Clean Energy, based in Duluth, Minnesota, which the company describes as a developer and operator of renewable energy projects. ALLETE also owns BNI Energy in Bismarck, North Dakota, which provides energy solutions in that state, and New Energy Equity, headquartered in Annapolis, Maryland. In addition, ALLETE holds an equity interest of approximately 8 percent in American Transmission Co., a transmission-focused entity referenced in the company’s segment reporting and press releases.

ALLETE has described its strategy as a “Sustainability‑in‑Action” approach, emphasizing sustainable and clean‑energy investments while maintaining reliability and affordability for customers. Regulatory materials and earnings releases highlight the importance of regional transmission infrastructure, renewable and other clean‑energy technologies, and alignment with Minnesota’s energy and environmental goals, including a carbon‑free energy supply target established at the state level. The company has also stated that it calculates and reports carbon emissions based on the Greenhouse Gas (GHG) Protocol and provides related information in its Corporate Sustainability Report.

From a corporate structure perspective, ALLETE has historically reported several segments, including Regulated Operations (Minnesota Power, Superior Water, Light and Power and the American Transmission Co. investment), ALLETE Clean Energy, New Energy Equity and Corporate and Other businesses, which include BNI Energy, ALLETE Properties and investments in renewable energy facilities. Public financial disclosures show that these segments contribute differently to net income, reflecting the mix of regulated utility activities and non‑utility energy businesses.

Acquisition by CPP Investments and Global Infrastructure Partners

ALLETE has undergone a significant ownership change. On December 15, 2025, ALLETE completed a merger under an Agreement and Plan of Merger with Alloy Parent LLC and Alloy Merger Sub LLC. As described in the company’s Form 8‑K filed on December 15, 2025, Alloy Merger Sub LLC merged with and into ALLETE, with ALLETE continuing as the surviving corporation and becoming a wholly owned subsidiary of Alloy Parent LLC. Alloy Parent is jointly owned by a wholly owned subsidiary of Canada Pension Plan Investment Board (CPP Investments) and affiliates of investment vehicles managed or advised by Global Infrastructure Partners (GIP).

At the effective time of the merger, each share of ALLETE common stock issued and outstanding immediately prior to closing (with specified exceptions) was cancelled and converted into the right to receive a cash merger consideration. As a result, former public shareholders no longer hold equity in ALLETE, and the company is now privately held under Alloy Parent.

Delisting and deregistration of ALLETE common stock

In connection with the merger, ALLETE’s common stock was removed from listing on the New York Stock Exchange. A Form 25 filed on December 15, 2025 by the New York Stock Exchange documents the notification of removal from listing and registration of ALLETE’s common stock under Section 12(b) of the Securities Exchange Act of 1934. Trading of ALLETE’s common stock on the NYSE was suspended prior to the opening of trading on the closing date of the merger, and the delisting became effective after the Form 25 process.

Subsequently, ALLETE filed a Form 15 on December 29, 2025, certifying and providing notice of termination of registration under Section 12(g) of the Exchange Act and suspension of the duty to file reports under Sections 13 and 15(d) with respect to its common stock. The Form 15 indicates that the approximate number of holders of record as of the certification date was one, consistent with ALLETE becoming a wholly owned subsidiary of Alloy Parent LLC.

Regulatory oversight and customer commitments

Regulatory approvals have played a central role in ALLETE’s recent corporate changes. Press releases and Form 8‑K filings explain that the Minnesota Public Utilities Commission (MPUC) and the Public Service Commission of Wisconsin approved the acquisition by CPP Investments and GIP. The MPUC’s process included a public hearing and a final written order approving the transaction. As part of the approval, ALLETE, CPP Investments and GIP agreed to a set of commitments for Minnesota Power customers and communities.

These commitments, as described in ALLETE’s communications, include a one‑year base rate freeze for Minnesota Power customers, additional rate credits totaling tens of millions of dollars, a Long‑term Residential Energy Bill Mitigation Fund, a customer arrearage forgiveness program funded by the investors, and enforceable service quality and system reliability performance metrics. The investors also committed to fund ALLETE’s five‑year capital plan focused on transmission and renewable energy goals and to establish a Clean Firm Technology Fund to support regional clean‑energy projects.

ALLETE and its transaction partners have also committed to local governance and workforce provisions. Company statements indicate that ALLETE’s headquarters will remain in Duluth, Minnesota, and that the company will retain its existing workforce, honor union contracts and maintain compensation levels and benefits programs. The board of directors of the surviving corporation is structured with a majority of independent directors, including several from Minnesota and Wisconsin, to maintain regional input into utility decision‑making.

Business focus after going private

Although ALLETE’s common stock is no longer publicly traded and the company has suspended its periodic SEC reporting obligations, its operating focus, as described in transaction‑related communications, continues to center on providing affordable, reliable and increasingly sustainable energy for its region. Minnesota Power and Superior Water, Light and Power remain fully regulated public utilities under the jurisdiction of the Minnesota Public Utilities Commission and the Public Service Commission of Wisconsin, respectively. ALLETE’s other businesses—ALLETE Clean Energy, BNI Energy and New Energy Equity—continue to be part of the broader corporate platform under private ownership.

For investors and researchers reviewing the historical ALE ticker, ALLETE represents an example of a former publicly traded utilities and energy company that transitioned to private ownership through an acquisition by infrastructure‑focused institutional investors, with regulatory conditions designed to balance capital investment needs, clean‑energy objectives and customer protections.

ALLETE (ALE) historical status

ALLETE’s former ticker symbol ALE historically represented a utilities‑sector energy company on the New York Stock Exchange. Following the completion of the merger with Alloy Parent LLC on December 15, 2025, ALLETE became a wholly owned subsidiary of Alloy Parent, its common stock ceased trading on the NYSE, and the company terminated the registration of its common stock under the Exchange Act. The ALE symbol therefore serves as a historical reference rather than a currently listed security.