Quebec court approves Boralex acquisition at C$37.25 per share, following near-unanimous shareholder backing for the deal.
Brookfield Infrastructure Fund V and La Caisse de dépôt et placement du Québec received final court approval for their C$9bn ($6.45bn) acquisition of Boralex. The Superior Court of Québec issued the order under Canada’s corporate laws, clearing the path for the transaction.
Shareholders approved the deal at a June 4 meeting, with 99.86% of votes cast in favor. Excluding La Caisse’s shares and those under regulatory exclusion, support reached 99.83%. Boralex’s board and a special committee of independent directors had unanimously endorsed the offer after reviewing strategic options.
The transaction values Boralex at C$37.25 per share in cash, with enterprise value including assumed debt. Boralex, a TSX-listed renewable energy firm, operates nearly 3.8GW of installed capacity and has 8.2GW of projects in development.