# EDGAR Filing Document

**Accession Number:** 0000066756
**File Stem:** 0001140361-25-045482
**Filing Date:** 2025-12
**Character Count:** 57641
**Document Hash:** 10a4236145e4ba57b4033933d006a005
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-045482.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001140361-25-045482

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251215

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**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:** 251570388

**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'?

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#### 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) **–** December 15, 2025

#### ALLETE, Inc.
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Minnesota**<br>| **1-3548**<br>| **41-0418150**<br>|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer 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))

Securities registered pursuant to Section 12(b) of the Act:

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)

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. ☐

------

#### INTRODUCTORY NOTE
This Current Report on Form 8-K is being filed in connection with the completion of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of May 5, 2024 (the "Merger Agreement"), by and among ALLETE, Inc., a Minnesota corporation (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, at the effective time of the Merger (defined below) (the "Effective Time") on December 15, 2025 (the "Closing Date"), Merger Sub merged with and into the Company (the "Merger"), with the Company continuing as the surviving corporation and becoming a wholly owned subsidiary of Parent (the Company, as the surviving corporation of the Merger, is sometimes referred to herein as the "Surviving Corporation").

As a result of the Merger, each share of common stock, without par value, of the Company (the "Common Stock") issued and outstanding immediately prior to the Effective Time (other than shares of Common Stock held by any holder who properly exercised dissenters' rights under Minnesota law in respect of such shares and any shares of Common Stock held by an affiliate of Parent) was cancelled and converted into the right to receive $67.00 in cash, without interest (the "Merger Consideration").

In addition, at the Effective Time, each restricted stock unit with respect to Common Stock subject to time-based vesting that was outstanding immediately prior to the Effective Time ("RSU") was cancelled and converted into a contingent right to receive an amount in cash, without interest, equal to the Merger Consideration, payable (i) in the case of such right converted from unvested RSUs, upon the same vesting conditions as applied to the corresponding RSU, (ii) in the case of such right converted from vested RSUs, as soon as reasonably practicable following the Closing Date, or (iii) in the case of such right converted from deferred stock units ("DSUs"), in accordance with the same terms and conditions, including elections with respect to time of payment, as applied to the corresponding DSUs immediately prior to the Effective Time. Each performance share award with respect to Common Stock that was outstanding and unvested immediately prior to the Effective Time was cancelled and converted into a right to receive, without interest, the Merger Consideration multiplied by the number of shares of Common Stock subject to the award, determined based on attainment of the greater of target and actual performance as of the last business day immediately preceding the Closing Date. A pro rata portion (based on the elapsed portion of the performance period at that time) of the converted performance share awards will be paid out as soon as reasonably practicable following the Closing Date, with the remainder of the award being subject to time-vesting for the remainder of the applicable performance period. Further, purchase rights accumulated during the offering period in effect under the Company's Employee Stock Purchase Plan (the "ESPP") preceding the Closing Date were automatically exercised into shares of Common Stock prior to the Closing Date, and the ESPP was terminated as of immediately prior to the Closing Date. For additional information regarding the Merger Agreement's treatment of these compensatory awards, please see the Company's definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the "SEC") on July 10, 2024, which is incorporated herein by reference.

#### SECTION 2 – FINANCIAL INFORMATION

---

| | |
|:---|:---|
|  **Item 2.01** | **Completion of Acquisition or Disposition of Assets.** |

---

The information set forth under the Introductory Note above is hereby incorporated by reference in its entirety into this Item 2.01.

The foregoing description of the Merger Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Merger Agreement, which was filed as Exhibit 2.1 to the Company's Current Report on Form 8-K, filed with the SEC on May 6, 2024, and is incorporated herein by reference.

ALLETE, Inc. Form 8-K dated December 15, 2025

------

#### SECTION 3 – SECURITIES AND TRADING MARKETS

---

| | |
|:---|:---|
| **Item 3.01** | **Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.** |

---

The information set forth under the Introductory Note of this Current Report on Form 8-K is incorporated by reference in this Item 3.01.

On the Closing Date, in connection with the closing of the Merger (the "Closing"), the Company notified the New York Stock Exchange ("NYSE") that the Merger had been consummated and requested that the NYSE file with the SEC a notification of removal from listing on Form 25 to delist shares of Common Stock from the NYSE and to deregister shares of Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Trading of Common Stock on the NYSE was suspended prior to the opening of trading on the Closing Date, and the delisting of the Common Stock from the NYSE will be effective 10 days after the filing of the Form 25.

Additionally, the Company intends to file a certification and notice of termination of registration on Form 15 with the SEC to terminate the registration of its shares under Section 12(g) of the Exchange Act and to suspend its reporting obligations under Sections 13 and 15(d) of the Exchange Act with respect to the Common Stock.

---

| | |
|:---|:---|
| **Item 3.03** | **Material Modification to Rights of Security Holders.** |

---

The information set forth under the Introductory Note of this Current Report on Form 8-K and Items 3.01 and 5.03 is incorporated by reference in this Item 3.03.

In connection with the Merger and at the Effective Time, each eligible share of Common Stock was cancelled and converted into the right to receive the Merger Consideration and holders of Common Stock immediately prior to such time ceased to have any rights as shareholders in the Company (other than their right to receive the Merger Consideration pursuant to the terms of the Merger Agreement).

#### SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT

---

| | |
|:---|:---|
| **Item 5.01** | **Changes in Control of Registrant.** |

---

The information set forth under the Introductory Note of this Current Report on Form 8-K is incorporated by reference in this Item 5.01.

In connection with the Merger and at the Effective Time, a change of control of the Company occurred and Merger Sub has been merged with and into the Company, with the Company continuing as the Surviving Corporation and a wholly owned subsidiary of Parent.

---

| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

In accordance with the terms of the Merger Agreement, at the Effective Time, all of the directors of the Company, except George Goldfarb, Susan Nestegard, Barbara Nick and Bethany Owen, ceased to be directors of the Company and members of any and all committees of the Company's board of directors. These actions were not a result of any disagreements with the Company on any matter relating to the Company's operations, policies or practices. As of the Effective Time, directors of the Surviving Corporation consisted of George Goldfarb, Susan Nestegard, Barbara Nick and Bethany Owen. Subsequently, the directors of the Surviving Corporation will consist of Andrew Alley, Scott Anderson, Jonathan Bram, Deborah DeLuca, RD Gauss, David Emery, George Goldfarb, Lisa Krueger, Susan Nestegard, Barbara Nick, E. Stanley O'Neal, Bethany Owen, Palak Trivedi and Charles Zebula.

In accordance with the terms of the Merger Agreement, at the Effective Time, the officers of the Company as of immediately prior to the Effective Time continued as the officers of the Surviving Corporation.

---

| | |
|:---|:---|
| **Item 5.03** | **Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.** |

---

In accordance with the terms of the Merger Agreement, at the Effective Time, the Amended and Restated Articles of Incorporation of the Company were amended and restated in their entirety and such amended and restated articles of incorporation of the Surviving Corporation are filed herewith as Exhibit 3.1 to this Current Report on Form 8-K and are incorporated herein by reference.

ALLETE, Inc. Form 8-K dated December 15, 2025

------

In accordance with the terms of the Merger Agreement, at the Effective Time, the bylaws of the Company were amended and restated in their entirety and such amended and restated bylaws of the Surviving Corporation are filed herewith as Exhibit 3.2 to this Current Report on Form 8-K and are incorporated herein by reference.

#### SECTION 7 – REGULATION FD

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

On December 15, 2025, the Company issued a press release announcing the completion of the Merger. The press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

Also on December 15, 2025, the Company issued a press release regarding the declaration of the Stub Period Dividend (as defined below). The press release is attached to this report as Exhibit 99.2 and is incorporated herein by reference.

The press releases are being furnished, not filed, pursuant to Regulation FD. Accordingly, the press releases will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the press releases are not intended to, and does not, constitute a determination or admission by the Company that the information in the press releases 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 disclosed, the board of directors of the Company fixed October 16, 2025 as the record date for the Stub Period Dividend (defined below), provided holders of Common Stock hold their shares to the Closing. On December 14, 2025, the board of directors of the Company declared, subject to the consummation of the Merger, a "stub period" dividend in an amount equal to $0.008 per share of Common Stock (which reflects the most recent regular quarterly dividend rate of $0.73 per share, divided by 91 days) multiplied by the number of days from and including August 16, 2025, the day after the record date for the most recent regular quarterly Common Stock dividend, to and including the Closing Date (the "Stub Period Dividend"). The Stub Period Dividend is payable to all holders of Common Stock who also receive the Merger Consideration. The Board also fixed the payment date of the Stub Period Dividend as the fifth Business Day (as defined in the Merger Agreement) after the Closing.

#### SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit** | Description |
| [2.1](https://www.sec.gov/Archives/edgar/data/66756/000006675624000034/exhibit21.htm) | Agreement and Plan of Merger, dated as of May 5, 2024, by and among ALLETE, Inc., Alloy Parent LLC and Alloy Merger Sub LLC (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the SEC on May 6, 2024)\* |
| [3.1](ef20060780_ex3-1.htm) | Amended and Restated Articles of Incorporation of ALLETE, Inc., effective as of December 15, 2025 |
| [3.2](ef20060780_ex3-2.htm) | Amended and Restated Bylaws of ALLETE, Inc., effective as of December 15, 2025 |
| [99.1](ef20060780_ex99-1.htm) | Press Release issued by ALLETE, Inc. on December 15, 2025 <br>|
| [99.2](ef20060780_ex99-2.htm) | Press Release issued by ALLETE, Inc. on December 15, 2025 |
| 104  | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

*\* Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedules will be furnished supplementally to the SEC upon request; provided, however, that the parties may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any document so furnished.*

ALLETE, Inc. Form 8-K dated December 15, 2025

------

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

---

| | |
|:---|:---|
| **ALLETE, Inc.** | **ALLETE, Inc.** |
| December 15, 2025 | /s/ Julie L. Padilla |
|  | Julie L. Padilla |
|  | Vice President, Chief Legal Officer and Corporate Secretary |

---

ALLETE, Inc. Form 8-K dated December 15, 2025

------

## Exhibit 3.1

------

**Exhibit 3.1**<br>

#### SECOND AMENDED AND RESTATED

#### ARTICLES OF INCORPORATION OF

#### ALLETE, INC.

#### December 15, 2025

#### <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**&nbsp;&nbsp;&nbsp;&nbsp; **Name**. The name of the corporation is ALLETE, Inc. (the "<u>Company</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**&nbsp;&nbsp;&nbsp;&nbsp; **Registered Office**. The address of the registered office of the Company in Minnesota is 30 West Superior Street, Duluth Minnesota 55802.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Authorized Shares**. The total number of shares of capital stock which the Company is authorized to issue is 200 shares of capital stock (the "<u>Capital Stock</u>"). The Capital Stock shall be divided into two classes consisting of 100 shares designated as Class A stock, par value $0.001 per share (the "<u>Class A Stock</u>") and 100 shares designated as Class B stock, par value $0.001 per share (the "<u>Class B Stock</u>"). The rights, powers, privileges, preferences and restrictions of the Class A Stock and Class B Stock are as follows.

**A.** **Class A Stock**

**i.** **Rights, Powers, Privileges, Preferences, and Restrictions.** Except as provided in <u>Section 3(B)(i)</u> and <u>Section 3(B)(ii)</u> or as otherwise required by applicable law, all of the rights, powers, privileges, preferences, and restrictions of the Capital Stock, including, but not limited to, all voting rights; all rights to receive dividends, distributions, and other economic or non-economic benefits; and all rights, privileges, or preferences upon the liquidation, dissolution or winding up of the Company, including in the event of a merger, consolidation, asset sale, or other transaction, shall solely be vested in the Class A Stock and the holders thereof.

**B.** **Class B Stock**

**i.** **Voting in Elections of Directors.** Except as otherwise required by applicable law, the holders of Class B Stock, exclusively and as a separate class, shall be entitled to elect all of the directors of the Company at each meeting or pursuant to each consent of the Company's shareholders for the election of directors. Any director may be removed during his or her term of office, either with or without cause, by, and only by, the affirmative vote of the holders of Class B Stock given either at a special meeting of such shareholders duly called for that purpose or pursuant to a written consent of the Company's shareholders, and any vacancy thereby created may be filled by, and only by, the holders of Class B Stock represented at the meeting or pursuant to written consent.

------

**ii.** **Liquidation, Dissolution, or Winding up of the Company.** In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, including in the event of a merger, consolidation, asset sale, or other transaction (each, a "<u>Liquidation Event</u>"), each holder of Class B Stock shall be entitled to a payment, in cash, of $1.00 per share of Class B Stock held by such holder at the effective time of the Liquidation Event.

**iii.** **No Other Rights, Powers, Privileges, Preferences, or Restrictions.** Except as provided in <u>Section 3(B)(i)</u> and <u>Section 3(B)(ii)</u> or as otherwise required by applicable law, the Class B Stock, and the holders thereof, shall have no rights, powers, privileges, preferences, or restrictions, including, but not limited to, with respect to any other voting rights; any rights to receive dividends, distributions, or other economic or non-economic benefits; or any rights, privileges, or other preferences upon the liquidation, dissolution or winding up of the Company, including in the event of a merger, consolidation, asset sale, or other transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**&nbsp;&nbsp;&nbsp;&nbsp; **No Cumulative Voting**. There shall be no cumulative voting by the shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No Preemptive Rights**. The shareholders of the Company shall not have any preemptive rights arising under the Minnesota Business Corporation Act. This provision is not applicable to rights arising in connection with a designation of rights and preferences of a series of preferred stock or arising under contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**&nbsp;&nbsp;&nbsp;&nbsp; **Limitation of Directors' Liability**. To the fullest extent permitted by the Minnesota Business Corporation Act as the same exists or may hereafter be amended, a director of the Company shall not be personally liable to the Company or its shareholders for monetary damages for breach of fiduciary duty as a director. Neither the amendment, modification nor repeal of this <u>Section 6</u> nor the adoption of any provision in these articles of incorporation inconsistent with this <u>Section 6</u> shall adversely affect any right or protection of a director of the Company with respect to any act or omission that occurred prior to the time of such amendment, modification, repeal or adoption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**&nbsp;&nbsp;&nbsp;&nbsp; **Written Action by Directors**. An action required or permitted to be taken at a meeting of the board of directors of the Company may be taken by a written action signed, or consented to by authenticated electronic communication, by all of the directors unless the action need not be approved by the shareholders of the Company, in which case the action may be taken by a written action signed, or consented to by authenticated electronic communication, by the number of directors that would be required to take the same action at a meeting of the board of directors of the Company at which all of the directors were present. A written action may be signed in separate counterparts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**&nbsp;&nbsp;&nbsp;&nbsp; **Written Action by Shareholders**. At any time that the Company is not a "publicly held corporation" (as defined by Minnesota Statutes Section 302A.011, Subd. 40), an action required or permitted to be taken at a meeting of the shareholders of the Company may be taken without a meeting by written action signed, or consented to by authenticated electronic communication, by shareholders having voting power equal to the voting power that would be required to take the same action at a meeting of the shareholders at which all shareholders were present, but in no event may written action be taken by holders of less than a majority of the voting power of all shares entitled to vote on that action.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; **No Dissenters' Rights for Articles Amendments**. To the fullest extent permitted by the Minnesota Business Corporation Act as the same exists or may hereafter be amended, a shareholder of the Company shall not be entitled to dissent from, and obtain payment for the fair value of the shareholder's shares in the event of, an amendment of the articles of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Control Share Acquisitions**. Minnesota Statutes Section 302A.449, Subd. 7, and 302A.671 (all as may be amended from time to time) concerning Control Share Acquisitions shall not apply to the Company.

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## Exhibit 3.2

------

Exhibit 3.2

#### SECOND AMENDED AND RESTATED BYLAWS

#### OF

#### ALLETE, INC.

#### AS ADOPTED ON DECEMBER 15, 2025

------

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **<u>Page</u>** |
| **Article 1. Shareholders** | **Article 1. Shareholders** | **1** |
| 1.1 | Place of Meetings | 1 |
| 1.2 | Regular Meetings | 1 |
| 1.3 | Special Meetings | 1 |
| 1.4 | Quorum, Adjourned Meetings | 1 |
| 1.5 | Voting | 1 |
| 1.6 | Record Date | 2 |
| 1.7 | Notice of Meetings | 2 |
| 1.8 | Written Action | 2 |
| 1.9 | Chief Executive Officer; Secretary | 2 |
| **Article 2. Directors** | **Article 2. Directors** | **2** |
| 2.1 | Number, Qualifications and Term of Office | 2 |
| 2.2 | Board Meetings | 2 |
| 2.3 | Calling Meetings; Notice | 2 |
| 2.4 | Waiver of Notice | 2 |
| 2.5 | Quorum | 3 |
| 2.6 | Conference Communications | 3 |
| 2.7 | Vacancies; Newly Created Directorships | 3 |
| 2.8 | Removal | 3 |
| 2.9 | Act of the Board | 3 |
| **Article 3. Officers** | **Article 3. Officers** | **3** |
| 3.1 | Offices Created; Qualifications; Election | 3 |
| 3.2 | Term of Office | 3 |
| 3.3 | Removal of Officers | 4 |
| 3.4 | Resignation | 4 |
| 3.5 | Vacancies | 4 |
| 3.6 | Powers | 4 |
| 3.7 | Chief Executive Officer | 4 |
| 3.8 | Chief Financial Officer | 4 |
| 3.9 | Secretary | 4 |
| **Article 4. Shares** | **Article 4. Shares** | **5** |
| 4.1 | Uncertificated Shares | 5 |
| 4.2 | Share Register | 5 |
| 4.3 | Transfer of Shares | 5 |
| **Article 5. Indemnification** | **Article 5. Indemnification** | **5** |
| 5.1 | Indemnification | 5 |
| 5.2 | Insurance and Advancement of Expenses | 5 |

---

i

------

---

| | | | |
|:---|:---|:---|:---|
| **Article 6. General Provisions** | **Article 6. General Provisions** | **Article 6. General Provisions** | **5** |
|  | 6.1 | Books and Records | 5 |
|  | 6.2 | Fiscal Year | 5 |
|  | 6.3 | Corporate Seal | 5 |
|  | 6.4 | Amendment of Bylaws | 6 |

---

ii

------

#### SECOND AMENDED AND RESTATED

#### BYLAWS

#### OF

#### ALLETE, INC.

#### <br>

#### ARTICLE 1.

#### SHAREHOLDERS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Place of Meetings</u>**. Except as provided otherwise by the Minnesota Business Corporation Act, regular meetings of the shareholders shall be held at such place, within or without the state of Minnesota, on such date and at such time as the board of directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Regular Meetings</u>**. Regular meetings of the shareholders may be held on an annual or other less frequent basis but need not be held unless required by the Minnesota Business Corporation Act. At each regular meeting of the shareholders, the shareholders shall elect qualified successors for directors who serve for an indefinite term or whose terms have expired or are due to expire within six months after the date of the meeting and shall transact such other business as may properly come before them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Special Meetings</u>**. Special meetings of the shareholders may be called for any purpose or purposes at any time by the board of directors, the chief executive officer or any other persons(s) specifically authorized under the Minnesota Business Corporation Act to call special meetings. Except as provided otherwise by the Minnesota Business Corporation Act, special meetings of the shareholders shall be held at such place, within or without the state of Minnesota, on such date and at such time as the person calling such meeting may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Quorum, Adjourned Meetings</u>**. The holders of a majority of the voting power of the shares entitled to vote at the meeting shall constitute a quorum for the transaction of business at any regular or special meeting. Whether or not a quorum is present at the meeting, the chief executive officer may adjourn the meeting from time to time without notice other than announcement at the time of adjournment of the date, time and place of the adjourned meeting. At adjourned meetings at which a quorum is present, any business may be transacted which might have been transacted at the meeting as originally noticed. If a quorum is present when a duly called or held meeting is convened, the shareholders present may continue to transact business until adjournment even though the withdrawal of a number of shareholders originally present leaves less than the proportion otherwise required for a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Voting</u>**. At each meeting of the shareholders every shareholder having the right to vote shall be entitled to vote either in person or by proxy, with one vote for each share held. The shareholders shall take action by the affirmative vote of the holders of the greater of (i) a majority of the voting power of the shares present and entitled to vote on that item of business, or (ii) a majority of the voting power of the minimum number of the shares entitled to vote that would constitute a quorum for the transaction of business at the meeting, except to the extent that the Minnesota Business Corporation Act may require a larger proportion or number.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Record Date</u>**. The board of directors may fix, or authorize an officer to fix, a date not more than 60 days before the date of any meeting of shareholders, as a record date for the determination of the shareholders entitled to notice of, and entitled to vote at, such meeting, notwithstanding any transfer of shares on the books of ALLETE, Inc. (the "<u>Company</u>") after any record date so fixed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Notice of Meetings</u>**. Notice of all meetings of shareholders shall be given to each holder of shares entitled to vote at the meeting, at such shareholder's address as shown by the books of the Company, containing the date, time and place of the meeting at least 24 hours before the date of the meeting, except as otherwise provided in Section 1.4 with respect to an adjourned meeting and as otherwise provided by the Minnesota Business Corporation Act. Every notice of any special meeting shall state the purpose or purposes for which the meeting has been called, and the business transacted at all special meetings shall be confined to the purposes stated in the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Written Action</u>**. Any action required or permitted to be taken at a meeting of the shareholders may be taken without a meeting by written action (which may be in counterparts) signed by all of the shareholders entitled to vote on that action. The written notice is effective when it has been signed by all of those shareholders, unless a different effective time is provided in the written action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Chief Executive Officer; Secretary</u>**. The chief executive officer shall preside over any meeting of the shareholders and the secretary shall keep official records of all such meetings. In the absence of the secretary, the chief executive officer may appoint any person to act as secretary of the meeting.

#### ARTICLE 2.

#### DIRECTORS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Number, Qualifications and Term of Office</u>**. The number of directors of the Company shall be determined from time to time by the board of directors. A director must be a natural person and need not be a shareholder. Each of the directors shall hold office until the regular meeting of shareholders next held after such director's election and until such director's successor shall have been elected and shall qualify, or until the earlier death, resignation, removal or disqualification of such director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Board Meetings</u>**. Meetings of the board of directors may be held from time to time at such time and place within or without the state of Minnesota as may be designated in the notice of such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Calling Meetings; Notice</u>**. Meetings of the board of directors may be called by any director by giving notice (i) in person or by telephone to the director at least 24 hours in advance of the meeting, or (ii) by personally delivering written notice to the director's last known business or home address at least 48 hours in advance of the meeting. If the date, time and place of a meeting of the board of directors has been announced at a previous meeting of the board, no notice is required. Notice of an adjourned meeting of the board of directors need not be given other than by announcement at the meeting at which adjournment is taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Waiver of Notice</u>**. Notice of any meeting of the board of directors may be waived by any director either before, at or after such meeting orally or in a writing signed by such director.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Quorum</u>**. A majority of the directors holding office immediately prior to a meeting of the board of directors shall constitute a quorum for the transaction of business at such meeting. In the absence of a quorum, a majority of the directors present may adjourn a meeting from time to time until a quorum is present. If a quorum is present when a duly called or held meeting is convened, the directors present may continue to transact business until adjournment, even though the withdrawal of a number of directors originally present leaves less than the proportion or number otherwise required for a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Conference Communications</u>**. Any or all directors may participate in any meeting of the board of directors by any means of communication through which the directors may simultaneously hear each other during such meeting, and such participation constitutes presence in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **<u>Vacancies; Newly Created Directorships</u>**. Vacancies on the board of directors by reason of death, resignation, removal or disqualification may be filled for the unexpired term by a majority of the remaining directors even though less than a quorum. Vacancies on the board of directors resulting from newly created directorships may be filled by the affirmative vote of a majority of directors serving at the time of such increase. Each such director appointed to fill a vacancy shall hold office for the term to which such director was appointed and until such director's successor shall have been elected and qualified, or until the earlier death, resignation, removal or disqualification of such director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Removal</u>**. A director may be removed at any time, with or without cause, by the affirmative vote of the shareholders holding a majority of the shares entitled to vote at an election of directors. A director named by the board of directors to fill a vacancy may be removed from office at any time, with or without cause, by the affirmative vote of the remaining directors if the shareholders have not elected such director to the board of directors in the interim between the time of the appointment to fill such vacancy and the time of the removal. New directors may be elected at a meeting at which directors are removed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Act of the Board</u>**. The board of directors shall take action by the affirmative vote of (i) a majority of the directors present at a duly held meeting at the time the action is taken, or (ii) a majority of the minimum proportion or number of directors that would constitute a quorum for the transaction of business at the meeting, except to the extent that the Minnesota Business Corporation Act may require a larger proportion or number.

#### ARTICLE 3.

#### OFFICERS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Offices Created; Qualifications; Election</u>**. The corporation shall have a chief executive officer, a chief financial officer and such other officers, if any, as the board of directors from time to time may elect. Any number of offices or functions of those offices may be held or exercised by the same person. The board of directors may elect officers at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Term of Office</u>**. Each officer shall hold office until his or her successor has been elected, unless a different term is specified in the resolution electing the officer, or until his or her earlier death, resignation or removal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** &nbsp;&nbsp;&nbsp;&nbsp; **<u>Removal of Officers</u>**. Any officer may be removed from office at any time, with or without cause, by the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Resignation</u>**. An officer may resign at any time by giving written notice to the Company. A resignation will be effective upon its receipt by the Company unless the resignation specifies that it is to be effective at some later time or upon the occurrence of some specified later event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Vacancies</u>**. A vacancy in any office may, or in the case of a vacancy in the office of chief executive officer or chief financial officer shall, be filled by the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Powers</u>**. Unless otherwise specified by the board of directors, each officer shall have those powers and shall perform those duties that are (i) set forth in these bylaws, (ii) set forth in the resolution of the board of directors electing that officer or any subsequent resolution of the board of directors with respect to that officer's duties, (iii) set forth in the Minnesota Business Corporation Act, or (iv) commonly incident to the office held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Chief Executive Officer</u>**. The chief executive officer shall have general active management of the business of the Company. The chief executive officer shall preside at all meetings of the shareholders and board of directors. The chief executive officer shall see that all orders and resolutions of the board of directors are carried into effect. The chief executive officer shall execute and deliver, in the name of the Company, any deeds, mortgages, bonds, contracts or other instruments pertaining to the business of the Company unless the authority to execute and deliver is required by law to be exercised by another person or is expressly delegated by the articles of incorporation or bylaws or by the board of directors to some other officer or agent of the Company. The chief executive officer shall maintain records of and, whenever necessary, certify all proceedings of the board of directors and the shareholders, and in general, shall perform all duties usually incident to the office of the president. The chief executive officer shall have such other duties as may, from time to time, be prescribed by the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Chief Financial Officer</u>**. The chief financial officer shall keep accurate financial records for the Company. The chief financial officer shall deposit all moneys, drafts and checks in the name of, and to the credit of, the Company in such banks and depositories as the board of directors shall, from time to time, designate. The chief financial officer shall have power to endorse for deposit, all notes, checks and drafts received by the Company. The chief financial officer shall disburse the funds of the Company, as ordered by the board of directors, making proper vouchers therefore. The chief financial officer shall render to the chief executive officer and the board of directors, whenever requested, an account of all transactions entered into as chief financial officer and of the financial condition of the Company, and shall perform such other duties as may, from time to time, be prescribed by the board of directors or by the chief executive officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Secretary</u>**. The secretary, if any, shall be subject to the direction and control of the board of directors, the chief executive officer and the chief financial officer, and shall have such powers and duties as the board of directors, the chief executive officer or the chief financial officer may assign to the secretary.

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#### ARTICLE 4.

#### SHARES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Uncertificated Shares</u>**. All shares of the Company shall be uncertificated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Share Register</u>**. The Company shall keep at its principal executive office, or at another place or places within the United States determined by the board of directors (i) a share register not more than one year old, containing the names and addresses of the shareholders, and (ii) the number of shares held by each shareholder and the dates of issue for such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Transfer of Shares</u>**. The transfer of shares on the share transfer books of the Company may be authorized only by the shareholder of record thereof, who shall furnish proper evidence of authority to transfer. The Company may treat as the exclusive owner of shares of the Company for all purposes, the person or persons in whose name shares are registered on the books of the Company.

#### ARTICLE 5.

#### INDEMNIFICATION
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Indemnification</u>**. The Company shall indemnify all officers and directors of the Company, for such expenses and liabilities, in such manner, under such circumstances and to such extent as required or permitted by the Minnesota Business Corporation Act, as now enacted or hereafter amended. Unless otherwise approved by the board of directors, the Company shall not indemnify any employee of the Company who is not otherwise entitled to indemnification pursuant to this bylaw.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Insurance and Advancement of Expenses</u>**. The board of directors may authorize the purchase and maintenance of insurance for the purpose of such indemnification, and the Company shall advance all reasonable costs and expenses (including attorneys' fees) incurred in defending any action, suit or proceeding to all persons entitled to indemnification under this bylaw, all in the manner, under the circumstances and to the extent required or permitted by the Minnesota Business Corporation Act, as now enacted or hereafter amended.

#### ARTICLE 6.

#### GENERAL PROVISIONS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Books and Records</u>**. The Company shall keep at its principal executive office, or, if its principal executive office is not in Minnesota, shall make available at its Minnesota registered office within 10 days after receipt by an officer of the Company of a written demand by a shareholder, beneficial owner or a holder of a voting trust certificate, originals or copies of the books and records required to be kept and made available under the Minnesota Business Corporation Act, or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fiscal Year</u>**. The fiscal year of the Company shall be fixed by resolution of the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Corporate Seal</u>**. The Company shall have no seal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4**&nbsp;&nbsp;&nbsp;&nbsp; **<u>Amendment of Bylaws</u>**. These bylaws may be amended or repealed by the board of directors. Such authority of the board of directors is subject to the power of the shareholders, exercisable in the manner provided in the Minnesota Business Corporation Act to adopt, amend or repeal bylaws adopted, amended or repealed by the board of directors. After the adoption of the initial bylaws, the board of directors shall not adopt, amend or repeal a bylaw fixing a quorum for meetings of shareholders, prescribing procedures for removing directors or filling vacancies in the board of directors or fixing the number of directors or their classifications, qualifications or terms of office, except that the board of directors may adopt or amend any bylaw to increase the number of directors.

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## Exhibit 99.1

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**Exhibit 99.1**<br>

**** 

<br> ---

| | | |
|:---|:---|:---|
| ![](image00003.jpg) | **FOR RELEASE:** <br>| December 15, 2025 |
| ![](image00003.jpg) |  |  |
| ![](image00003.jpg) | **MEDIA CONTACT:** | Amy Rutledge<br> Director, Corporate Communications <br>(218) 723-7400<br> arutledge@allete.com |
| ![](image00003.jpg) | Amy Rutledge<br> Director, Corporate Communications <br>(218) 723-7400<br> arutledge@allete.com |  |
| ![](image00003.jpg) | Amy Rutledge<br> Director, Corporate Communications <br>(218) 723-7400<br> arutledge@allete.com |  |
| ![](image00003.jpg) | Amy Rutledge<br> Director, Corporate Communications <br>(218) 723-7400<br> arutledge@allete.com |  |

---

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#### <br>

#### ALLETE Announces Completion of Acquisition by CPP Investments <br> and Global Infrastructure Partners
*New partnership offers unprecedented benefits for customers and communities while maintaining <br> local management and regulatory oversight*

<br> DULUTH, Minn.—ALLETE, Inc. (NYSE: ALE) (the Company) today 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).

As a result of the acquisition, ALLETE, CPP Investments and GIP will deliver approximately $200 million in benefits to Minnesota Power customers and communities, representing a historic commitment to the company's customers. These benefits include a one-year base rate freeze, $50 million in rate credits, and additional support for energy affordability and innovation.

CPP Investments and GIP also have committed to fund the Company's five-year plan for strengthening and expanding the transmission grid and advancing the Company's energy transition. ALLETE will remain locally managed and headquartered in Duluth, MN with its current leadership team and workforce in place. The Company's board of directors will be majority independent, with several members from Minnesota and Wisconsin, ensuring regional voices continue to guide utility decision-making.

"We are excited about this next chapter in ALLETE's long history and the new partnership with CPP Investments and GIP. It strengthens our ability to advance our infrastructure investments to ensure a reliable grid and achieve state clean-energy goals, all while preserving ALLETE's legacy of local leadership and community focus," said ALLETE Chair, President and CEO Bethany Owen. "We are grateful to the MPUC, the Minnesota Department of Commerce, and the many community partners who helped shape an agreement that delivers historic benefits to our customers and communities. Our focus remains on providing affordable, reliable, and increasingly sustainable energy for our region, as all of our ALLETE companies work together to lead the way to a sustainable clean-energy future."

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 $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 today.

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|:---|
| ![](image00001.jpg) |
| ![](image00002.jpg) |

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**Minnesota Power and Superior Water, Light and Power remain public utilities, fully regulated by the Minnesota Public Utilities Commission and the Public Service Commission of Wisconsin, respectively. Transaction-related costs will not affect customer rates.** 

<br> #### <br>

#### About Minnesota Power
Minnesota Power provides electric service within a 26,000-square-mile area in northeastern

Minnesota, supporting comfort, security and quality of life for 150,000 customers, 14 municipalities

and some of the largest industrial customers in the United States. More information can be found at www.mnpower.com.

**About ALLETE, Inc.**<br> ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its regulated public 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 <u>www.allete.com</u>. *ALE-CORP*

**About CPP Investments**<br> 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, CPP Investments makes 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. On September 30, 2025, the Fund totaled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

**Global Infrastructure Partners** <br> 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 its investment thesis, GIP is well positioned to support the global energy transition.

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

*ALLETE calculates and reports carbon emissions based on the GHG Protocol. Details in ALLETE's <u>Corporate Sustainability Report</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*.

###

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| |
|:---|
| ![](image00001.jpg) |
| ![](image00002.jpg) |

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## Exhibit 99.2

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**Exhibit 99.2**<br>

---

| | | |
|:---|:---|:---|
| ![](image00004.jpg) | *For Release* | **December 15, 2025**  |
| ![](image00004.jpg) |  |  |
| ![](image00004.jpg) | *Investor* |  |
| ![](image00004.jpg) | *Contact:* | *218-723-3952<br> shareholder@allete.com*  |

---

#### ALLETE Board of Directors declares stub period dividend on common stock

DULUTH, Minn. – On Dec. 14, 2025, the board of directors of ALLETE, Inc. (NYSE:ALE) (the Company) declared a "stub period" dividend, subject to the consummation of the merger, in an amount equal to $0.008 per share of Company common stock (which reflects the most recent regular quarterly dividend rate of $0.73 per share, divided by 91 days) multiplied by the number of days from and including August 16, 2025, the day after the record date for the most recent regular quarterly common stock dividend, to and including the closing date of the Company's previously announced acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners.

As previously disclosed, the board of directors of the Company fixed October 16, 2025 as the record date for the "stub period" dividend, provided holders of Company common stock hold their shares to the closing the transaction. The stub period dividend is payable to all holders of Company common stock who also receive the merger consideration. The payment date of the stub period dividend is the fifth business day after the closing of the transaction.

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; BNI Energy in Bismarck, ND; New Energy Equity, headquartered in Annapolis, MD; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. *ALE-CORP*

*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. 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*.

### <br>

*ALLETE, Inc. • 30 West Superior Street, Duluth, Minnesota 55802*

*www.allete.com*

** <br>