Big Law Firms Steer $6.2 Billion Deal for Utility Owner Allete

A consortium of buyers plan to take Minnesota-based utility company Allete private in a deal worth $6.2 billion.

The consortium, led by investment management company Global Infrastructure Partners and Canadian pension fund CPP Investments, was guided by Kirkland & Ellis and Latham & Watkins.

Skadden, Arps, Slate, Meagher & Flom advised Allete. Its team included M&A partners Pankaj Sinha and Emily Prezioso Walsh.

The Kirkland team counseling the consortium was led by corporate partners Melissa Kalka, Emily Lichtenheld and Andy Calder. The Latham team, which split the work with Kirkland, was led by New York partners David Allinson and David Beller.

The energy transition and green energy spaces have been active in recent years, spurred by the Inflation Reduction Act. The IRA allocates credits to promote domestic energy transition, like solar panels, wind turbines and electric vehicles.

Allete’s largest business unit provides electric utility services. It also owns clean energy businesses, including Superior Water, Light and Power based in Superior, Wisconsin.