© Reuters. FILE PHOTO: A general view of electric lines as demand for power surges during a period of hot weather in Houston, Texas, U.S. June 27, 2023. REUTERS/Callaghan O’Hare/File Photo
By David French
(Reuters) -Allete Inc, a U.S. power utility and renewable energy developer that has a market value of about $5.2 billion, including debt, is exploring a sale of the company, people familiar with the matter said on Tuesday.
Allete (NYSE:) is working with JPMorgan Chase & Co (NYSE:) on a sale process that has attracted suitors that include infrastructure funds and buyout firms, the sources said, cautioning that no deal is certain and asking not to be identified because the matter is confidential.
Allete and JPMorgan did not immediately respond to requests for comment.
Allete shares jumped 9% on the news to $61.22 in afternoon trading in New York on Tuesday, giving the company a market capitalization of about $3.5 billion. Allete also had net debt of about $1.7 billion as of the end of September.
Headquartered in Duluth, Minnesota, Allete has 150,000 electricity customers in northern Minnesota and 15,000 electricity customers, 13,000 customers and 10,000 water…
Read the full article here