M&A Deal Summary

CPP Investments and Global Infrastructure Partners Acquire Allete

On May 6, 2024, pension CPP Investments and infrastructure investor Global Infrastructure Partners acquired utilities company Allete for 6.2B USD

Acquisition Highlights
  • This is CPP Investments’ 4th and Global Infrastructure Partners’ 2nd transaction in the Utilities sector.
  • This is CPP Investments’ 7th and Global Infrastructure Partners’ 2nd largest (disclosed) transaction.
  • This is CPP Investments’ 26th and Global Infrastructure Partners’ 5th transaction in the United States.
  • This is CPP Investments’ 1st and Global Infrastructure Partners’ 1st transaction in Minnesota.

M&A Deal Summary
Date 2024-05-06
Target Allete
Sector Utilities
Buyer(s) CPP Investments
Global Infrastructure Partners
Deal Type Going Private
Deal Value 6.2B USD
Advisor(s) J.P. Morgan Securities
Houlihan Lokey (Financial)
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Allete

Duluth, Minnesota, United States
Entrance to ALLETE's corporate headquarters in downtown Duluth, Minnesota.
Entrance to ALLETE's corporate headquarters in downtown Duluth, Minnesota.
Allete is an energy company operating Minnesota Power, an electric utility that serves 150,000 residents, 14 municipalities, and industrial customers. In addition to Minnesota Power, the company owns Superior Water, Light and Power, based in Superior, Wisconsin, Allete Clean Energy, based in Duluth; BNI Energy in Bismarck, N.D.; and New Energy Equity. ALLETE was founded in 1906 and is based in Duluth, Minnesota.

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Buyer(S) 2

Buyer

CPP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1997
Size Mega
Type Sector Agnostic
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.

DEAL STATS #
Overall 48 of 51
Sector (Utilities) 4 of 4
Type (Going Private) 9 of 10
State (Minnesota) 1 of 1
Country (United States) 26 of 26
Year (2024) 1 of 4
Size (of disclosed) 7 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-01 Viking Cruises

Woodland Hills, California, United States

Viking Cruises offers destination-focused journeys on rivers, oceans, and lakes around the world. Designed for experienced travelers with interests in science, history, culture, and cuisine. Viking Cruises was founded in 1997 and is based in Woodland Hills, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-03 Keywords Studios

Dublin, Ireland

Keywords Studios is an international technical services provider to the global video games industry. The company provides integrated art creation, localization, testing, audio, and customer care services across 50 languages and 14 game platforms to a blue-chip client base in more than 15 countries. It has a strong market position, providing services to 20 of the top 25 most prominent game companies, including Microsoft, Supercell, King, Bandai Namco, Sony, Konami, Electronic Arts, 2K, and Square Enix. Recent titles worked on include Tom Clancy's The Division, Halo 5: Guardians, Batman: Arkham Knight, Street Fighter V, Rise of the Tomb Raider, Clash Royale, and Mobile Strike. Keywords Studios was founded in 1998 and is based in Dublin, Ireland.

Buy £2.1B
Buyer

Global Infrastructure Partners

Investor Investor Investor Investor Investor

Category Infrastructure
Founded 2007
PE ASSETS 115.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Global Infrastructure Partners (GIP) is a global investment firm that invests in infrastructure assets worldwide. GIP looks to work in partnership with the public sector and other stakeholders to improve infrastructure for the community by drawing on its global capability and applying industrial best practices to enhance operating efficiencies. The Firm focuses on larger scale investments in assets that provide essential services, have high barriers to entry and offer significant governance positions. GIP primarily targets opportunities in OECD countries, while maintaining a global perspective and the flexibility to pursue assets with the potential for attractive risk-adjusted returns in selected non-OECD countries. Global Infrastructure Partners was established in 2007 and is headquartered in New York, New York.

DEAL STATS #
Overall 18 of 18
Sector (Utilities) 2 of 2
Type (Going Private) 4 of 4
State (Minnesota) 1 of 1
Country (United States) 5 of 5
Year (2024) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-11 Arcadis - Hong Kong Design and Engineering Business

Hong Kong, China

Arcadis's Hong Kong Design and Engineering (HK D&E) Business provides project/construction/cost management and design & consulting services based in Hong Kong.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-21 GasLog

Piraeus, Greece

GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog's consolidated fleet consists of 27 LNG carriers (21 ships on the water and 6 on order). GasLog was founded in 2003 and is based in Piraeus, Greece.

Sell -
Mergr

Product

Company

Legal