Post 3: Deal Tracker
Welcome back to the series, I am in the thick of revision and assignments but today I have one very interesting deal I want to quickly review…
The news I will be scoping in on today is a recent deal that CIBC advised La Caisse on - Brookfield and La Caisse’s $9bn take-private of Boralex in March of 2026. This deal will see Brookfield acquire a 70% controlling stake in the company, while Boralex’s largest shareholder - La Caisse - increases its ownership to c. 30%. The offer of $37.25 per share is a 36.4% premium to the 30-day volume weighted average price (VWAP).
Who is Boralex? They are a leader in the Canadian market and France’s largest independent producer of onshore wind power, with projects in the US, UK, France and Canada. They have been providing renewable energy for over 35 years and they are HQ’d in Kingsey Falls, Quebec, trading on the TSX.
Some of the figures:
Enterprise Value of $9.0bn, displaying a 13x 2026E consensus EBITDA, which sits on the lower end of 13-20x that we have seen for renewable companies being taken private over the last few years.
Boralex operates 107 wind power sites, 13 solar facilities, 15 hydroelectric power stations and 4 battery energy storage systems.
They have ~3,800 megawatts of wind, solar, hydro and battery energy storage assets, with over 90% of them contracted for an average term of 10 years, diversified across Canada, France, the U.S., and the U.K.
Key Risk to Consider: In Q3 of 2025 their revenues were hit by price drop in France, which in the year prior proved to be a very fruitful region for Boralex. Even with production increases from newly commissioned projects, the pricing headwinds still knocked earnings - inevitably creating a chance for the private equity opportunity.
The Strategic Rationale: When we come across take-private deals the big question is why private over public? Here, it is clear to see why. Boralex’s 2030 strategy targets a doubling of installed capacity, underpinned by their 8.2 GW development pipeline, growth that demands long-duration, patient capital at a scale that public markets were unwilling to provide. Public markets were discounting this execution risk, as reflected in a share price that failed to credit the quality of the 8.2 GW pipeline. Brookfield plugs this gap through its flagship infrastructure strategy, capital commitment and deep expertise in the sector. La Caisse, a shareholder since 2017, brings an institutional anchor with existing familiarity with the company and a long-term commitment to Quebec’s energy transition. Together, they represent a structurally better ownership model for this phase of Boralex’s growth than the listed market was able to provide.The transaction is expected to close in Q4 2026, pending shareholder and regulatory approval.