Minnesota regulators have unanimously approved the controversial $6.2 billion sale of Allete — parent company of the Duluth-based public utility Minnesota Power — to a pair of private investment firms.

Under the deal, Global Infrastructure Partners, a subsidiary of the massive private equity firm BlackRock, which is the largest asset manager in the world, will own 60 percent of the utility. The Canada Pension Plan Investment Board is purchasing a minority stake.

The five members of the Minnesota Public Utilities Commission concluded that the utility’s sale was in the public interest, despite concerns by environmental and consumer groups, the state Attorney General’s Office, and an independent judge who scrutinized the proposal. They all fear that the acquisition will lead to higher rates

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