# EDGAR Filing Document

**Accession Number:** 0000066756
**File Stem:** 0000066756-25-000082
**Filing Date:** 2025-10
**Character Count:** 20153
**Document Hash:** 794ee5387896ba7137884beb4f2394ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000066756-25-000082.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0000066756-25-000082

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251003

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLETE INC
- **CENTRAL INDEX KEY:** 0000066756
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 410418150
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03548
- **FILM NUMBER:** 251374086

**BUSINESS ADDRESS:**
- **STREET 1:** 30 W SUPERIOR ST
- **CITY:** DULUTH
- **STATE:** MN
- **ZIP:** 55802-2093
- **BUSINESS PHONE:** 2182795000

**MAIL ADDRESS:**
- **STREET 1:** 30 W SUPERIOR STREET
- **CITY:** DULUTH
- **STATE:** MN
- **ZIP:** 55802-2093

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLETE
- **DATE OF NAME CHANGE:** 20000901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MINNESOTA POWER INC
- **DATE OF NAME CHANGE:** 19980603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MINNESOTA POWER & LIGHT CO
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? ale-20251003

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported) **-** October 3, 2025

**ALLETE, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Minnesota** | **1-3548** | **41-0418150** |
| (State or other jurisdiction of | (Commission File Number) | (IRS Employer |
| incorporation or organization) | | Identification No.) |

---

**30 West Superior Street**

**Duluth, Minnesota 55802-2093**

(Address of principal executive offices, including zip code)

**(218) 279-5000**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class Trading symbol Name of each exchange on which registered <br> Common Stock, without par value ALE New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**SECTION 7 – REGULATION FD** 

**Item 7.01. Regulation FD Disclosure.**

On October 3, 2025, ALLETE, Inc. (the "Company") issued a press release announcing that the Minnesota Public Utilities Commission (the "MPUC") held a public hearing in which the MPUC voted in favor of approval of the Merger (as defined below). The press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

The press release is being furnished, not filed, pursuant to Regulation FD. Accordingly, the press release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended (the "Securities Act"), unless specifically identified therein as being incorporated therein by reference. The furnishing of the press release is not intended to, and does not, constitute a determination or admission by the Company that the information in the press release is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company or any of its affiliates.

**SECTION 8 – OTHER EVENTS**

**Item 8.01 Other Events.**

As previously announced, on May 5, 2024, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among the Company, Alloy Parent LLC, a Delaware limited liability company ("Parent"), and Alloy Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of Parent ("Merger Sub"). Pursuant to the Merger Agreement, on the terms and subject to the conditions set forth therein, Merger Sub will merge with and into the Company (the "Merger"), with the Company continuing as the surviving corporation in the Merger and becoming a subsidiary of Parent.

As described above, on October 3, 2025, the MPUC held a public hearing in which the MPUC voted in favor of approval of the Merger. In connection with the MPUC's public hearing, a written order is expected to follow. The consummation of the Merger remains subject to the satisfaction of certain closing conditions, including the receipt of the MPUC's written order approving the Merger.

_________________

**SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS**

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

**Exhibit&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description**

<u>[99.1](exhibit99releaseoctober320.htm)</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press Release, dated](exhibit99releaseoctober320.htm)[October 3](exhibit99releaseoctober320.htm)[, 2025](exhibit99releaseoctober320.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

*Readers are cautioned that forward-looking statements should be read in conjunction with disclosures under the heading: "Forward-Looking Statements" located on page 2 of this Current Report on Form 8-K.*

ALLETE Form 8-K dated October 3, 2025

------

**Forward-Looking Statements**

This Form 8-K contains "forward-looking statements" within the meaning of the federal securities laws, including safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed acquisition of the Company, regulatory approvals (including the MPUC's written order), the expected timetable for completing the proposed transaction and any other statements regarding the Company's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: the timing to consummate the proposed transaction; the risk that the conditions to closing of the proposed transaction may not be satisfied; the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; and the diversion of management's time on transaction-related issues.

When used in this Form 8-K, or any other documents, words such as "anticipate," "believe," "estimate," "expect," "forecast," "target," "could," "goal," "intend," "objective," "plan," "project," "seek," "strategy," "target," "may," "will" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the beliefs and assumptions of management at the time that these statements were prepared and are inherently uncertain. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties, as well as other risks and uncertainties that could cause the Company's actual results to differ materially from those expressed in the forward looking statements, are described in greater detail under the heading "Item 1A. Risk Factors" in the Company's Form 10-Q for the quarter ended June 30, 2025, the Company's Form 10-K for the year ended December 31, 2024 and in subsequently filed Forms 10-Q and 8-K, and in any other SEC filings made by the Company. Management cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements or present or prior earnings levels. Forward-looking statements speak only as of the date hereof, and the Company does not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

ALLETE Form 8-K dated October 3, 2025

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| **ALLETE, Inc.** | **ALLETE, Inc.** |
| October 3, 2025 | /s/ Colin B. Anderson |
| | Colin B. Anderson |
| | Vice President, Chief Accounting Officer, and Controller |

---

ALLETE Form 8-K dated October 3, 2025

## Exhibit 99.1

![image_0.jpg](image_0.jpg)

**FOR RELEASE:** October 3, 2025

**MEDIA CONTACT:** Amy Rutledge<br> Director, Corporate Communications<br> (218) 723-7400<br> arutledge@allete.com

<u><br></u>

**ALLETE Obtains Regulatory Approval from Minnesota Public Utilities Commission for Partnership with CPP Investments and Global Infrastructure Partners**

*Acquisition delivers pathway to help meet significant infrastructure demands of the clean-energy transition and approximately $200 million in customer benefits*

*With all necessary regulatory approvals now in place, transaction expected to close in late 2025*

DULUTH, Minn. - ALLETE, Inc. (NYSE: ALE) (the Company) today announced that the Minnesota Public Utilities Commission (MPUC) voted unanimously to approve its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP). With all required regulatory approvals secured, the transaction is expected to close in late 2025 following issuance of the MPUC's written order.

"We are grateful to the Minnesota Public Utilities Commission for their thorough review and approval of this important and strategic partnership, and recognition this is in the public interest," said ALLETE Chair, President and CEO Bethany Owen. "Today's decision caps a comprehensive public process and positions ALLETE well to meet the significant infrastructure demands of the clean-energy transition without compromising the high-quality service and commitments to reliability and affordability that define our company. We are excited for this next chapter at ALLETE alongside CPP Investments and GIP, who are aligned with our values and support our Sustainability-In-Action strategy and our talented team of employees."

Owen continued, "I would like to thank the wide range of community leaders and organizations, including labor, business and clean-energy groups, and low-income customer advocates, for their strong support for this transaction and collaboration to reach the best possible outcome for all parties. We are pleased the final approval has resulted in approximately $200 million in total Minnesota Power customer benefits through this process."

**"**With this approval, ALLETE is now well-positioned to move forward toward its sustainable and clean-energy future. Together with GIP and the Company's experienced management team, we look forward to supporting ALLETE as it seeks to enable the availability of reliable, affordable and increasingly sustainable electricity," said Andrew Alley, Managing Director, Head of Infrastructure, North America & Australasia at CPP Investments.

"Working together with our partners from CPP Investments, we are proud to support ALLETE and its talented leadership as the company begins its next chapter," said Jonathan Bram, a Founding Partner of GIP. "We are

<br> **ALLETE, Inc. \|** 30 West Superior St, Duluth, Minnesota 55802&nbsp;&nbsp;&nbsp;&nbsp;<u>ALLETE.com</u> ![image_1.jpg](image_1.jpg)![image_2.jpg](image_2.jpg)

![image_3.jpg](image_3.jpg)

------

committed to preserving ALLETE's legacy of intense community focus as it continues to provide safe, reliable, and affordable energy which is increasingly carbon-free for Northeastern Minnesota."

The final agreement, supported by the Minnesota Department of Commerce, clean-energy organizations, business leaders, labor unions, and advocates for low-income residents, includes historic customer, clean-energy, workforce, and governance commitments. These include:

**Customer affordability and rates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One-year base rate freeze to support rate stability for Minnesota Power customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $50 million in additional rate credits provided to customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A $10 million Long-term Residential Energy Bill Mitigation Fund to support energy efficiency, conservation, and fuel-switching initiatives for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ROE (Return on Equity) reduction from 9.78% to 9.65% post close, immediately lowering costs for customers, and a future ROE cap of 9.78% through December 31, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to $3.5 million in residential customer arrearage forgiveness, supporting eligible low-income customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ALLETE, CPP Investments and GIP have agreed to enforceable service quality and system reliability performance metrics for Minnesota Power to guarantee customers continue to receive the high levels of reliability and quality they expect.

**Clean energy and infrastructure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guaranteed access to capital to fund ALLETE's five-year plan for advancing transmission and renewable energy goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $50 million Clean Firm Technology Fund to support regional clean-energy projects and partnerships.

**Local oversight and control** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A majority independent board of directors, with several from Minnesota and Wisconsin, ensuring regional voices have a greater influence in utility decision-making.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ALLETE headquarters will remain in Duluth, Minnesota, with the current leadership team in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commitment to retain ALLETE's current workforce, honor union contracts and maintain compensation levels and benefits programs.

The transaction has also received approvals from ALLETE shareholders and federal and state agencies, including the Federal Energy Regulatory Commission and the Public Service Commission of Wisconsin. Upon closing of the transaction, ALLETE's shares will no longer trade on the New York Stock Exchange. Minnesota Power and Superior Water, Light and Power will remain public utilities, fully regulated by the Minnesota Public Utilities Commission and the Public Service Commission of Wisconsin, respectively.

Additional information about ALLETE and this partnership can be found at <u>ALLETEforward.com</u>.

**About ALLETE, Inc.** 

<br> **ALLETE, Inc. \|** 30 West Superior St, Duluth, Minnesota 55802&nbsp;&nbsp;&nbsp;&nbsp;<u>ALLETE.com</u> ![image_1.jpg](image_1.jpg)![image_2.jpg](image_2.jpg)

![image_3.jpg](image_3.jpg)

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ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, Minnesota; BNI Energy in Bismarck, North Dakota; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

**About CPP Investments** 

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At June 30, 2025, the Fund totaled C$731.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

**About Global Infrastructure Partners (GIP)**

Global Infrastructure Partners (GIP), a part of BlackRock, is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors. With energy pragmatism central to our investment thesis, we are well positioned to support the global energy transition.

GIP's scaled platform has over $189 billion in assets under management. We believe that our focus on real infrastructure assets, combined with our deep proprietary origination network and comprehensive operational expertise, enables us to be responsible stewards of our clients' capital and to create positive economic impact for communities. For more information, visit <u>www.global-infra.com</u>.

*The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission*.

**ALLETE Contact**

Amy Rutledge<br>Director - Corporate Communications<br>218-723-7400<br><u>arutledge@allete.com</u>

**CPP Investments Contac**t:

<br> **ALLETE, Inc. \|** 30 West Superior St, Duluth, Minnesota 55802&nbsp;&nbsp;&nbsp;&nbsp;<u>ALLETE.com</u> ![image_1.jpg](image_1.jpg)![image_2.jpg](image_2.jpg)

![image_3.jpg](image_3.jpg)

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Frank Switzer

Public Affairs & Communications

Tel: +1 416-523-8039

<u>fswitzer@cppib.com</u>

<br>**Global Infrastructure Partners (GIP) Contact:**<br>Mustafa Riffat<br>Managing Director & Global Head of Communications<br><u>mustafa.riffat@global-infra.com</u>

###

<br> **ALLETE, Inc. \|** 30 West Superior St, Duluth, Minnesota 55802&nbsp;&nbsp;&nbsp;&nbsp;<u>ALLETE.com</u> ![image_1.jpg](image_1.jpg)![image_2.jpg](image_2.jpg)

![image_3.jpg](image_3.jpg)