Brookfield Asset Management has agreed to acquire renewable energy producer Boralex Inc in a deal valued at approximately $9bn, partnering with La Caisse de dépôt et placement du Québec to take the business private.
Under the terms of the agreement, Boralex shareholders will receive CAD37.25 per share in cash, representing a 31.8% premium to the company’s closing price on 20 March and a 36.4% premium to its 30-day volume-weighted average price. The transaction implies an equity value of around $3.8bn and an enterprise value of up to $9.7bn on a combined basis.
La Caisse, Boralex’s largest existing shareholder with a roughly 15% stake, has committed to reinvest in the business and will hold a 30% interest post-closing, with Brookfield owning the remaining 70%.
The deal follows a strategic review by Boralex’s board and positions the company to pursue its 2030 growth plan as a privately held business. The partners said the move would provide the long-term capital and operational support needed to expand its renewable energy platform across core markets in North America and Europe.
Boralex, which has nearly 3.8GW of installed renewable capacity and a substantial development pipeline, is expected to benefit from Brookfield’s global infrastructure platform, including procurement, energy marketing and capital recycling capabilities.
Brookfield said the acquisition aligns with its strategy of investing in scaled, contracted renewable assets with visible growth potential, while La Caisse highlighted its continued focus on backing Québec-based companies and advancing the energy transition.
The transaction has been unanimously approved by Boralex’s board following a recommendation from a special committee of independent directors. Fairness opinions from financial advisers supported the offer, with an independent valuation placing the company’s shares in a range of CAD33 to CAD38.
The deal will be executed via a plan of arrangement and requires shareholder, court and regulatory approvals. It is not subject to financing conditions and is expected to close in Q4 2026.
As part of the agreement, Boralex will remain headquartered in Québec and continue operating as an independent business following completion. Its shares will be delisted from the Toronto Stock Exchange once the transaction closes.
With more than 90% of its current assets contracted for an average of around 10 years, Boralex offers stable cash flows alongside significant upside from its multi-gigawatt development portfolio—factors that continue to attract long-term institutional capital into the energy transition sector.
