Brookfield and La Caisse have entered into an agreement to acquire all outstanding shares in Boralex for $37.25 per share.
Boralex said the transaction implies a total enterprise value of $9.0 billion and offers shareholders a 31.8% premium to the March 20, 2026 closing price.
The company added the deal has been unanimously approved by its board of directors and is expected to close by Q4 2026, subject to shareholder and regulatory approvals.
La Caisse, Boralex’s largest shareholder with approximately 15% of outstanding shares, has agreed to vote in favour of the transaction and will make a post-closing investment resulting in a 30% interest.
Boralex will operate independently following completion of the transaction while maintaining its headquarters in Québec.
“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 Patrick Decostre, president and chief executive officer of Boralex.
“We are excited to partner with La Caisse to accelerate the delivery of Boralex’s development pipeline in its next phase of growth,” said Jehangir Vevaina, global chief investment officer, energy at Brookfield.
“We have supported Boralex since 2017 as a shareholder and lender,” said Kim Thomassin, executive vice-president and head of Québec at La Caisse.
“This transaction reflects our strong confidence in this renewable energy leader that is deeply rooted in Québec and well positioned to pursue growth across North America and internationally.”