On the Record · Allete
Allete acquisitions, on the record
The businesses Allete bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.
Deals its annual reports describe
| Business | Deal | When | Value |
|---|---|---|---|
New EnergyWord for word“On April 15, 2022, a wholly-owned subsidiary of ALLETE acquired 100 percent of the membership interests of New Energy for a purchase price of $165.5 million.” 10-K for 2022 | acquisition | On April 15, 2022 | $165.5 million |
portion of undivided ownership interest in NTECWord for word“In 2021, South Shore Energy sold a portion of its undivided ownership interest in NTEC to Basin.” 10-K for 2022 | divestiture | 2021 | — |
ST Paper paper mill in Duluth, MinnesotaWord for word“(c) In January 2024, ST Paper announced it had entered into an asset purchase agreement to sell its paper mill in Duluth, Minnesota to Sofidel.” 10-K for 2023 | agreed divestiture | January 2024 | — |
USS CorporationWord for word“(d) In December 2023, USS Corporation announced it entered into a definitive agreement in which Nippon Steel will acquire all of USS Corporation's stock.” 10-K for 2023 | agreed divestiture | December 2023 | — |
Red Barn projectWord for word“Net income in 2023 also included the gain on sale of the Red Barn project in 2023 of $4.3 million after-tax and higher interest income related to interest awarded as part of the arbitration ruling.” 10-K for 2023 | divestiture | 2023 | — |
Northern Wind projectWord for word“(a) Consolidated operating revenue for 2023 includes the sales of ALLETE Clean Energy's Northern Wind and Red Barn projects.” 10-K for 2023 | divestiture | 2023 | — |
| Fiscal year ended | Cash paid for acquisitions (net of cash acquired) | Goodwill from acquisitions |
|---|---|---|
| 2016-12-31 | $5.8 million | $3.9 million |
| 2017-12-31 | $18.5 million | $16.9 million |
| 2018-12-31 | $0 | — |
| 2019-12-31 | $0 | — |
| 2020-12-31 | $0 | — |
| 2021-12-31 | $0 | — |
| 2022-12-31 | $155 million | — |
| 2023-12-31 | $0 | — |
| 2024-12-31 | $0 | — |
Deal filings since 2016
- 2025-12-15 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
- 2024-05-06 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
- 2019-02-08 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
- 2019-01-16 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
Read from Allete’s annual reports (10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2025-02-13. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.