An administrative law judge recommended that Minnesota regulators deny the $6.2 billion acquisition of Allete by Global Infrastructure Partners, associated with BlackRock. Evidence presented in hearings indicated that Allete and the equity firms did not sufficiently prove that the transaction serves the public interest. The Public Utilities Commission's decision will be influenced by this recommendation but will ultimately decide the outcome. Opposition from various advocacy groups highlighted broader implications of privatizing utilities as demand for electricity grows, particularly for data centers.
An administrative law judge recommended denial of Allete's acquisition by private equity firms, including BlackRock, indicating concerns regarding public interest and transparency.
The deal, worth $6.2 billion, involves Allete transitioning from a publicly traded utility to private ownership by Global Infrastructure Partners, linked to BlackRock.
Opposition from ratepayer advocates, watchdogs, and climate groups highlights public concern over the acquisition's alignment with public interest and its potential impacts.
The case represents significant implications for the utility sector amidst rising Wall Street interest due to increasing electricity demand from data centers.
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