Brookfield Asset Management and La Caisse have teamed up to acquire Canadian renewable energy company Boralex for around C$9bn ($6.5bn), including debt.
The acquisition involves the purchase of all issued and outstanding Class A common shares of Boralex at C$37.25 per share.
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The transaction, expected to close by the fourth quarter of 2026 (Q4 2026), has received unanimous approval from Boralex’s Board of Directors.
La Caisse, currently the largest shareholder with approximately 15% of the shares, will increase its ownership to 30% following a post-closing investment in Boralex, while Brookfield will hold the remaining shares.
Shareholders are set to vote on the transaction, which is also subject to necessary regulatory approvals.
Brookfield and La Caisse aim to enhance Boralex’s market leadership by expanding its development capabilities and implementing a capital recycling programme.
The acquisition will allow Boralex to operate as a private entity while maintaining its headquarters in Québec, Canada.
The deal provides immediate liquidity for shareholders, who will receive cash payments, ensuring certainty amidst the fluctuation risks associated with public markets.
The transaction underscores Brookfield and La Caisse’s strategy to leverage Boralex’s diversified asset base across France, Canada, the US and the UK, optimising existing projects while supporting new developments.
Boralex’s board formed a special committee of independent directors to review strategic alternatives before approving the transaction.
Their decision aligns with a strategic plan aimed at accelerating growth and continuing contributions to energy security and decarbonisation efforts.
The investment from Brookfield and La Caisse is expected to advance Boralex’s mission of providing renewable energy solutions in an evolving market landscape shaped by increasing demand due to electrification and digitalisation.
National Bank Capital Markets and RBC Capital Markets are serving as Boralex’s financial advisors.
Brookfield is being advised financially by BMO Capital Markets, with McCarthy Tétrault acting as legal counsel.
CIBC Capital Markets is advising La Caisse as financial advisor and Davies Ward Phillips & Vineberg is acting as legal counsel.
Boralex president and CEO Patrick Decostre said: “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.
“On top of its financial capacity, Brookfield alongside La Caisse brings complementary expertise to Boralex’s skill set and will enable us to benefit from significant economies of scale and opportunities, particularly in procurement, energy commercialisation to large corporations and sharing of best practices within their different platforms.
“With their support, we are better positioned than ever to respond to fast-growing demand in our markets while maintaining our strong relationships with our partners and the communities in which we operate.”
Earlier this year, Boralex and the Six Nations of the Grand River Development Corporation commissioned the Hagersville Battery Energy Storage Park in Haldimand County, Ontario, Canada.
