BlackRock’s GIP Wins Approval of $6 Billion Allete Deal (2)

BlackRock Inc.’s bet on owning and investing in power utilities took a major step forward after Minnesota regulators approved a more than $6 billion acquisition of Allete Inc.

The Minnesota Public Utilities Commission on Friday voted unanimously to approve a deal from BlackRock’s Global Infrastructure Partners to take the Allete utility private with a few key conditions.

Duluth, Minnesota-based Allete has said the deal provides crucial access to long-term capital and limits its exposure to volatile public markets.

“We are bringing real value to Minnesota power customers,” Minnesota Public Utilities Commission Chair Katie Sieben said shortly before the vote. ...