Electric Services Company ALLETE Going Green And Private: Details
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 06 2024
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Source: Benzinga
- Acquisition Deal: ALLETE, Inc. has agreed to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners for $6.2 billion.
- Deal Terms: The acquisition will be at $67.00 per share in cash, representing a premium of around 19.1% to ALLETE’s closing share price before news of the sale exploration.
- Approval and Timeline: The acquisition was unanimously approved by the Board of Directors and is expected to close in mid-2025, subject to customary closing conditions.
- Post-Acquisition: After the deal, ALLETE's shares will no longer trade on the New York Stock Exchange and will become a private company.
- Statements from Executives: ALLETE's CEO highlighted the focus on sustainability, while GIP's CEO emphasized providing capital for ALLETE to continue decarbonizing their business.
Analyst Views on WCEO
Wall Street analysts forecast WCEO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for WCEO is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
