La Caisse and Brookfield to Acquire Boralex Inc.

Take-private transaction would support Boralex’s growth as a stand-alone company

Davies is acting for La Caisse in its partnership with Brookfield to acquire all issued and outstanding Class A common shares of Boralex Inc. for a total of $9.0 billion. This take-private transaction is designed to support Boralex’s growth in renewable energy and advance its mission of delivering affordable, sustainable energy solutions across its core markets.

Once the transaction is completed, Boralex will continue to operate independently but with financial backing from Brookfield and La Caisse. This investment will help the company meet increasing demand for clean energy and strengthen its ability to contribute to economic growth, energy security and decarbonization in its key markets. Boralex will remain headquartered in Québec, continuing in its role as a major employer and contributor to the province’s growing economy and energy demand.

The transaction is expected to close by the fourth quarter of 2026, subject to the required approvals from Boralex’s shareholders and certain regulatory approvals, in addition to other customary closing conditions.

The Davies team advising on this transaction includes Sébastien Roy, Amélie Doyon and Valérie Trudeau (Public M&A); Marie-Emmanuelle Vaillancourt (Taxation); and Jim Dinning (Competition).