By Robb M. Stewart
Brookfield Asset Management and Caisse de Depot et Placement du Quebec are teaming up to buy Boralex in a deal worth about 3.8 billion Canadian dollars, the equivalent of US$2.76 billion, that aims to accelerate the Canadian renewable energy company's growth as a private company.
Boralex's shareholders will receive C$37.25 a share in cash, which marks a 32% premium to the closing price last Friday, before media reports came out suggesting a possible transaction. The company on Monday said it had formed a special committee to review and recommend strategic alternatives.
Quebec pension fund Caisse, Boralex's largest shareholder with a roughly 15% stake, will double its interest in the company, and Brookfield through its flagship infrastructure strategy will buy the remaining 70% of Boralex.
The deal implies a total enterprise value of C$9 billion, including project and corporate-level debt.
The takeover has been unanimously approved by Boralex's board. The company said the transaction would provide immediate liquidity and certainty of value for shareholders, while also positioning Boralex for its next phase of growth.
Boralex has 3,800 megawatts of wind, solar, hydro and battery energy storage assets, with more than 90% of them contracted for an average term of 10 years. The assets are spread across Canada, France, the U.S. and the U.K.
Boralex said that with backing from Brookfield and Caisse, it will be able to accelerate the development of its project pipeline, including 1,600 megawatts of advanced-stage development projects, and a pipeline of 5,600 megawatts in mid- and early-stage projects in strategic markets.
"This transaction brings in the right long-term partners for Boralex as we enter an accelerated growth phase requiring significant capital deployment and financial flexibility," said Boralex President and Chief Executive Patrick Decostre.
When the transaction is completed, the company expects to be delisted from the Toronto Stock Exchange, bit its headquarters will remain in Quebec.
Boralex's shares last closed at C$33, up 30% so far in 2026 and up 13% over the last 12 months.
The deal is expected to close the end of the year, subject to the go-ahead from Boralex's shareholders and certain regulatory approvals,
National Bank Capital Markets and RBC Capital Markets are acting as financial advisers to Boralex.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
Boralex agreed to a C$3.8 billion takeover by Brookfield and Caisse de Depot. Boralex's shareholders will receive C$37.25 a share in cash. The headline "Boralex Hldrs to Receive $37.25 Per Shr, Representing 31.8% Premium Over March 20 Closing Price >BLX.T," published at 8:33 a.m. ET, misstated the per-share amount in U.S. dollars. Also, "Boralex Agrees to $3.8 Billion Takeover by Brookfield and Caisse de Depot," at 9:15 a.m. ET, incorrectly said the deal was in U.S. dollars in the headline.
(END) Dow Jones Newswires
March 25, 2026 09:38 ET (13:38 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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