A partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners has agreed to buy Allete Inc. (NYSE: ALE) for $6.2 billion.

Allete is an energy company and competitively priced energy with a national footprint. Together, Allete and its family of companies, which includes utilities and renewable energy companies, are focused on driving the clean-energy transition by expanding renewables, reducing carbon, improving grid resiliency and driving innovation.

JPMorgan Securities LLC is acting as financial advisor and provided a fairness opinion to Allete, and Houlihan Lokey Capital Inc. also provided a fairness opinion to Allete. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Allete.