Mar. 25 at 2:03 PM
$BAM & and Caisse de Depot et Placement du Quebec are teaming up to buy
$BLX.TSX in a deal worth about C
$3.8B or C
$37.25/share
Quebec pension fund Caisse, Boralex’s largest shareholder with a roughly 15% stake, will double its interest in the company, and Brookfield through its flagship infrastructure strategy will buy the remaining 70% of Boralex.
The deal implies a total EV of C
$9B, including project & corporate-level debt.
The takeover has been unanimously approved by Boralex’s board
Boralex has 3,800MW of wind, solar, hydro & battery energy storage assets, w/ more than 90% of them contracted for an avg term of 10 years. The assets are spread across Canada, France, the US & the UK
Boralex said that with backing from Brookfield & Caisse, it will be able to accelerate the development of its project pipeline, including 1,600MW of advanced-stage development projects, and a pipeline of 5,600MW in mid- & early-stage projects in strategic markets.
