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Allete, Inc. (NYSE:ALE) is reportedly exploring selling the company after registering a 2% year-over-year decline in sales in the last reported quarter.
The company is working with JP Morgan Chase & Co. (NYSE:JPM) on the sale process, which has attracted suitors that include infrastructure funds and buyout firms, according to a news report by Reuters, citing unnamed people familiar with the matter.
However, the report added that no deal is sure as of now.
Headquartered in Duluth, Minnesota, Allete has 150,000 electricity customers in northern Minnesota, 15,000 electricity customers, 13,000 natural gas customers, and 10,000 water customers in northwestern Wisconsin.
As at the end of Q3, the company had a long-term debt of $1.686 billion.
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Price Action: ALE shares closed higher by 8.02% to $60.76 on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
