Boralex Inc. shareholders voted 99.86% in favor of the company's C$37.25-per-share acquisition by a joint entity owned by Brookfield Infrastructure Fund V and Caisse de depot et placement du Quebec. The deal is expected to close by the fourth quarter of 2026, subject to court and regulatory approvals.
Boralex Inc. shareholders voted 99.86% in favor of the company's C$37.25-per-share acquisition by a joint entity owned by Brookfield Infrastructure Fund V and Caisse de depot et placement du Quebec. The deal is expected to close by the fourth quarter of 2026, subject to court and regulatory approvals.
Boralex shareholders approved the C$37.25-per-share acquisition by Brookfield and La Caisse, with 99.86% of votes cast in favor.
"The clear support expressed by our shareholders reflects the confidence they place in this transaction and in Boralex's future," Andre Courville, chairman of the board, said.
The special resolution passed with 99.83% support excluding shares held by La Caisse and other shares required to be excluded under Multilateral Instrument 61-101. All 12 director nominees were elected, with support ranging from 95.98% for Marie-Claude Dumas to 99.54% for Lise Croteau.
The deal gives Boralex, a Canadian renewable energy producer with 3,783 MW of installed capacity, enhanced financial backing to develop its 8.2 GW project pipeline. Closing is expected in the fourth quarter of 2026, subject to a final order from the Superior Court of Quebec and regulatory approvals, after which Boralex shares will be delisted from the Toronto Stock Exchange.
The acquisition vehicle, BIF Thunder Holdings Inc., is a newly-formed entity jointly owned by Brookfield Infrastructure Fund V and La Caisse. The C$37.25 cash consideration represents the full value for each outstanding Class A common share.
The hearing for the final order from the Superior Court of Quebec is scheduled for June 5, 2026. The transaction requires additional regulatory approvals before closing.
Boralex, founded over 35 years ago, operates wind, solar and battery energy storage projects across Canada, France, the US and the UK. The company has grown installed capacity by more than 50% over the past five years.
"This partnership with Brookfield and La Caisse will provide us with enhanced financial flexibility and greater capacity to advance our portfolio of projects," Patrick Decostre, president and chief executive officer of Boralex, said.
The shareholder vote removes the final major hurdle before the deal's completion, locking in the C$37.25 cash consideration for current holders. Boralex shares will cease trading on the TSX once the transaction closes, expected by the fourth quarter of 2026.
This article is for informational purposes only and does not constitute investment advice.
