Brookfield, LaCaisse to Take Boralex Private in C$9B Deal

Brookfield Asset Management and La Caisse are taking Montreal-based renewable energy company Boralex private in a transaction valued at approximately C$9 billion. 

Boralex shareholders will receive C$37.25 per share in cash, representing a premium of more than 30% to recent trading levels. The deal, unanimously approved by the company’s board, is expected to close in the fourth quarter of 2026.  

The transaction will see Brookfield acquire a controlling 70% stake, while La Caisse, already Boralex’s largest shareholder will increase its ownership to approximately 30%.  

Management framed the deal as a strategic step toward scaling operations and unlocking long-term growth. Boralex CEO Patrick Decostre said the partnership brings the capital and expertise needed to support an accelerated growth phase, particularly as the company faces increasing demand for renewable energy and the need for greater financial flexibility.  

Brookfield executives emphasized the opportunity to expand Boralex’s development pipeline by combining its existing platform with Brookfield’s global operating capabilities and capital base. The firm highlighted its ability to leverage supply chain relationships, customer networks and operational expertise to enhance growth across key energy markets.  

Boralex currently operates a diversified portfolio of approximately 3,800 megawatts of wind, solar, hydro and storage assets across North America and Europe, with a substantial pipeline of projects under development. 

National Bank Capital Markets and RBC Capital Markets advised Boralex. Stikeman Elliott served as legal counsel to Boralex and its special committee. Desjardins Capital Markets was the special committee’s independent financial advisor. BMO Capital Markets advised Brookfield, with McCarthy Tétrault as legal counsel. CIBC Capital Markets advised La Caisse, with Davies Ward Phillips & Vineberg as legal counsel.