Boralex has agreed to be acquired by Brookfield and La Caisse in a cash deal that values the renewable power company at about C$9.0 billion on an enterprise-value basis, or C$9.7 billion on a combined basis.
Shareholders will receive C$37.25 per share in cash. That price is 31.8% above Boralex’s March 20 closing price on the TSX and 36.4% above the 30-day volume-weighted average price through that date.
The transaction gives La Caisse, Boralex’s largest shareholder, a bigger stake in the company. La Caisse, which currently owns about 15% of the outstanding common shares, will increase its ownership to 30% after closing. Brookfield will own the remaining 70%.
Boralex said the deal implies a total equity value of roughly C$3.8 billion and a 13 times 2026 consensus EBITDA multiple on the combined enterprise value.
The company’s operating base includes about 3,800 megawatts of wind, solar, hydro and battery storage assets. More than 90% of those assets are contracted for an average term of 10 years. Boralex also said it has about 300 megawatts of projects under construction or ready to build, about 750 megawatts of secured projects, 1,600 megawatts of advanced-stage development projects and another 5,600 megawatts in mid* and early-stage pipeline.
The deal was unanimously approved by Boralex’s board after a strategic review. Boralex said the transaction is expected to close by the fourth quarter of 2026.
Boralex also said the arrangement includes a C$115 million termination fee payable in certain circumstances and a C$172 million reverse termination fee in certain circumstances. The company expects its shares to be delisted from the TSX after closing. As a result of these announcements, the company's shares have moved 1.42% on the market, and are now trading at a price of $52.78. If you want to know more, read the company's complete 8-K report here.
