T-3 Energy Services Q3 revenue up 12% to $54.1mln.

• T-3 Energy Services reports Q3 2010 income from continuing ops at $4.5mln, up from $3.3mln QoQ. • Revenues rise 12% to $54.1mln, driven by 11% growth in PCG product line to $35.8mln. • North American activity accounts for 73% of total revenues. • Onshore revenues in PCG product line increase to 66% of total revenues, up from 60% QoQ.

DULUTH, Minn.--ALLETE, Inc. (NYSE: ALE) announced today that it has entered into a definitive agreement with a partnership led by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) for an acquisition. The partnership will acquire ALLETE for $67.00 per share in cash, or $6.2 billion including the assumption of debt [1].

ALLETE, a leading energy company, is focused on driving the clean-energy transition through expanding renewables, reducing carbon, enhancing grid resiliency, and driving innovation. The acquisition will provide ALLETE with access to significant capital, enabling the company to execute its "Sustainability-in-Action" strategy and continue its commitment to clean energy [1].

The transaction is expected to close in mid-2025, subject to regulatory approvals and other customary closing conditions. ALLETE's shares will no longer trade on the New York Stock Exchange upon completion of the acquisition, and the company will become a private entity [1].

Key commitments under the merger agreement include retaining ALLETE's workforce, maintaining compensation levels and benefits programs, and honoring union contracts. ALLETE's Minnesota Power and Superior Water, Light and Power (SWL&P) will continue as independently operated, locally managed, regulated utilities. The company will also maintain its headquarters in Duluth, Minnesota [1].

CPP Investments and GIP are renowned for their long-term investment approach and commitment to sustainable, long-term growth. Both organizations bring over four decades of experience investing in large-scale infrastructure businesses across sectors [1].

ALLETE's management team will continue to lead the company, and the current management team will remain as the primary points of contact for customers, regulators, and other stakeholders. The acquisition is not expected to impact retail or municipal rates for utility customers [1].

References:
[1] https://www.businesswire.com/news/home/20240506154719/en/ALLETE-Enters-Agreement-to-be-Acquired-by-a-Partnership-Led-by-Canada-Pension-Plan-Investment-Board-and-Global-Infrastructure-Partners-to-Advance-Sustainability-in-Action-Strategy