Latham & Watkins Advises Partnership Led by CPP Investments and Global Infrastructure Partners on Completed US$6.2 Billion Acquisition of ALLETE

ALLETE, Inc. (NYSE: ALE) announced the completion of its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP), following the final written order and unanimous approval by the Minnesota Public Utilities Commission (MPUC). 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 US$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 on December 15, 2025.

Latham & Watkins LLP represented the partnership led by CPP Investments and GIP in connection with the transaction, and additionally advised CPP Investments on the partnership arrangements with GIP. The Latham deal team was led by New York partners David Allinson and David Beller and New York counsel Richard Quay, with associates Saïd Bakir and Eric Czubiak.