If you’ve been refreshing your portfolio looking for ALE recently, you've probably noticed something weird. The ticker is basically a ghost. It’s flatlined. It isn't moving because, honestly, it doesn't exist anymore—at least not on the New York Stock Exchange.
On December 15, 2025, ALLETE, Inc. officially crossed the finish line of a massive $6.2 billion deal. It’s private now. The company was swallowed up by a powerhouse duo: Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP).
For long-time investors, it was the end of an era. ALLETE wasn't just some tech startup; it was a Duluth-based utility bedrock. Now that the dust has settled in early 2026, many people are still confused about where their money went or why the Allete inc stock price stopped at exactly $67.00.
The $67 Handshake: Why the Stock Flatlined
The math here was simple, though the regulatory hurdles were anything but. When the buyout was first whispered about back in May 2024, the market knew the ceiling. The deal was set at $67 per share in cold, hard cash.
Once the Minnesota Public Utilities Commission (MPUC) gave their unanimous thumbs-up in late 2025, the fate of the stock was sealed.
If you held shares on the closing date, you didn't have to do much. Your brokerage basically swapped your "ALE" shares for a cash payout. Most investors saw that $67 per share hit their accounts within a few business days.
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The "Stub" Dividend Surprise
There was a small, nerdy detail that many missed. Along with the $67, the board approved a "stub period" dividend. Essentially, because the deal closed mid-quarter, they paid out about $0.008 per share for every day between the last dividend and the closing date. It wasn't life-changing money, but for those holding thousands of shares, it was a nice parting gift.
Why Buy a Utility Company in 2026?
You might wonder why a massive Canadian pension fund and an infrastructure giant would drop $6.2 billion on a Minnesota utility. It’s all about the "grid."
The energy transition is expensive. Really expensive.
ALLETE owns Minnesota Power and Superior Water, Light and Power. These utilities are currently pivoting hard toward renewables. But building wind farms and upgrading transmission lines requires billions in upfront capital. By going private, ALLETE doesn't have to answer to Wall Street’s quarterly earnings pressure every three months.
CPP Investments and GIP have already committed to a five-year plan to beef up the transmission grid. They aren't looking for a quick flip. They’re looking for the steady, regulated returns that utilities provide over 20 or 30 years.
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What Most People Get Wrong About the Delisting
A common misconception is that the company is "gone."
Nope.
ALLETE is still headquartered in Duluth. Bethany Owen is still at the helm as CEO. The workforce stayed. The only thing that changed is who owns the keys. For the 150,000 customers in northeastern Minnesota, the lights stay on just the same.
Actually, the deal came with a bunch of "sweeteners" for the locals to get the regulators to agree:
- A one-year freeze on base rates.
- $50 million in rate credits for customers.
- Strict requirements for local management.
Is There Any Way to Still Invest?
Short answer? No.
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Long answer? Sorta, but not directly. Since it’s a private subsidiary now, you can’t buy shares of ALLETE on Robinhood or E*TRADE. However, you can technically get exposure to the owners.
GIP was recently acquired by BlackRock, so if you own BlackRock stock, you technically have a microscopic stake in the folks managing ALLETE. But if you’re looking for that direct 4.3% dividend yield ALE used to offer, that ship has sailed.
Tax Implications: The Part Everyone Hates
Because the Allete inc stock price was paid out in cash, it triggered a "taxable event."
Even if you didn't "sell" the stock yourself, the IRS treats that cash-out as a sale. If you bought ALE years ago at $40 and got paid $67, you’re looking at a capital gain.
- Check your 1099-B: Your broker should have sent this out in early 2026. It’ll list your cost basis and the final proceeds.
- Cost Basis Woes: If you inherited these shares or bought them before 2011, you might have to dig through old records. ALLETE suggested using a service like Netbasis if you're stuck.
- Reinvestment: Many former ALE holders are now moving that cash into other "Dividend Aristocrat" utilities like NextEra or Duke Energy to keep the passive income flowing.
Actionable Next Steps for Former Shareholders
If you still haven't seen your money, call your broker immediately. Most payouts happened automatically, but if you held physical stock certificates (yes, some people still do), you have to mail those in to the "exchange agent" to get your check.
For everyone else, the move is to look at the utility sector as a whole. The ALLETE deal was part of a larger trend of private equity moving into public infrastructure. With the Allete inc stock price no longer a factor, investors are hunting for the next buyout target in the mid-west energy corridor.
Keep an eye on the 10-year Treasury yield. Utilities usually trade inversely to rates. If you’re sitting on a pile of cash from the ALE buyout, waiting for a dip in the broader utility ETFs (like XLU) might be your best bet to replace that lost income stream.