Particle.news
Download on the App Store
9 ARTICLES
·
last mo.

Brookfield and La Caisse to Take Boralex Private in $3.8 Billion Deal

The bid underscores how big investors are rolling renewable operators off public markets to back multi‑year buildouts.

Brookfield et La Caisse acquièrent le producteur d’énergie renouvelable Boralex, dans une transaction évaluée à 9 milliards $. Des éoliennes photographiées en Montérégie le vendredi 24 octobre 2025. LA PRESSE CANADIENNE/Christinne Muschi
Image
Image
Le quartier financier de Bay Street, avec la Tour CN en arrière-plan, à Toronto, le vendredi 5 août 2022. LA PRESSE CANADIENNE/Nathan Denette

Overview

  • Boralex, in a deal announced Wednesday, will be bought for $37.25 per share in cash by Brookfield and Quebec pension manager La Caisse, valuing the company at roughly $9 billion including debt.
  • If shareholders approve, Brookfield will own 70% and La Caisse 30%, with La Caisse pledging its roughly 15% stake in favor after the Boralex special committee and full board unanimously backed the transaction.
  • The offer still needs shareholder and regulatory approvals, with closing targeted by the fourth quarter, and the company expects to be delisted from the Toronto Stock Exchange while keeping its headquarters in Quebec.
  • The agreement includes a no‑shop provision, a $115 million termination fee payable by Boralex in certain circumstances, and a $172 million reverse termination fee if the buyers fail to close.
  • Boralex runs about 3,800 megawatts of wind, solar, hydro and battery assets under mostly long‑term contracts and has an 8.2 gigawatt project pipeline, a profile that private buyers prize for steady cash flows and that analysts say could lift valuations for other Canadian renewables.