Brookfield Asset Management and La Caisse have agreed to take Canadian renewable-energy major Boralex private in a deal with an implied equity value of approximately $3.8 billion.

The partners have entered into a definitive arrangement agreement to acquire all outstanding Class A common shares of Boralex for $37.25 in cash per share, representing a 31.8% premium to the March 20 closing price and a 36.4% premium to the 30-day volume-weighted average price. The transaction implies a total enterprise value of about $9.0 billion ($9.7 billion on a combined basis), including debt.

La Caisse, currently Boralex’s largest shareholder with roughly 15% ownership, has agreed to support the transaction and will reinvest post-closing to hold a 30% stake in the privatized company, with Brookfield acquiring the remaining 70%.

“Combining Brookfield’s customer and supply chain partnerships, long-term capital, and deep operational know-how in renewables, with the strong foundation built by Boralex will help grow our presence in Canada and other attractive energy markets,” said Jehangir Vevalna, BAM’s chief energy investment office. “We look forward to working with Boralex’s leadership team and building on Boralex’s strong relationships with its local communities, partners and stakeholders in support of its continued growth.”

The deal, unanimously approved by Boralex’s board, follows a strategic-review process led by an independent committee. It is intended to provide shareholders with immediate liquidity while positioning the company for long-term growth as a private entity backed by long-term capital.

Boralex will continue to operate independently following closing, maintain its headquarters in Quebec, and pursue its renewable-energy development pipeline across Canada, the United States, France and the United Kingdom.

“This transaction brings in the right long-term partners for Boralex as we enter an accelerated growth phase requiring significant capital deployment and financial flexibility,” said Patrick Decostre, president and CEO of Boralex. “On top of its financial capacity, Brookfield alongside La Caisse, brings complementary expertise to Boralex’s skill set and will enable us to benefit from significant economies of scale and opportunities, particularly in procurement, energy commercialization to large corporations and sharing of best practices within their different platforms.

“With their support, we are better positioned than ever to respond to fast-growing demand in our markets while maintaining our strong relationships with our partners and the communities in which we operate.”

Kim Thomassin, executive vice-president and Head of Québec at La Caisse, said the deal represents La Caisse’s confidence in Boralex, noting that the company has strong Quebec roots and is well-positioned to pursue growth across North America and internationally.

“We look forward to partnering with Brookfield on Boralex’s next chapter—an opportunity that aligns with our commitment to the energy transition and our determination to help build Quebec-based champions that create lasting value at home and abroad,” she added.

The transaction is expected to close in the fourth quarter of 2026, subject to shareholder, court and regulatory approvals, as well as other customary closing conditions. Upon completion, Boralex shares will be delisted from the Toronto Stock Exchange and the company will cease to be a reporting issuer under Canadian securities laws.

Boralex is a Canadian renewable-energy producer with operations in wind, solar, hydro and battery-energy storage, with nearly 3,800 megawatts of installed capacity and a significant development pipeline across North America and Europe.