Boralex Acquisition Approved
Boralex Shareholders Officially Approve Brookfield Acquisition, Paving Way for TSX Delisting
Boralex Inc. shareholders have voted overwhelmingly to take the Canadian renewable energy company private. At a special meeting on June 4, 2026, **99.86%** of eligible votes supported the deal, clearing the way for Brookfield and Caisse de dépôt et placement du Québec (CDPQ) to buy all outstanding shares at **$37.25 each in cash**, according to GlobeNewswire.
The acquisition values Boralex at roughly **$3.8 billion in equity** and **$9.0 billion in total enterprise value**. It marks a **31.8% premium** over Boralex's closing share price on March 20, 2026, the last trading day before the deal was rumoured, Financial Post reported.
Shareholders Back Deal at Near-Unanimous 99.86%
The vote was not even close. Shareholders present in person, virtually, or by proxy cast **99.86%** of votes in favour. Even after excluding the shares held by CDPQ — Boralex's largest existing shareholder — approval still stood at **99.83%**, according to GlobeNewswire. Leading proxy advisors ISS and Glass Lewis had both recommended a yes vote ahead of the meeting on May 21.
Board Chairman André Courville said the result speaks for itself. "The clear support expressed by our shareholders reflects the confidence they place in this transaction and in Boralex's future," he said, as reported by National Post.
Brookfield and CDPQ Take Over a 3,800 MW Clean Energy Empire
Brookfield is buying Boralex through a new vehicle called **BIF Thunder Holdings Inc.**, backed by Brookfield Infrastructure Fund V and Brookfield Renewable Partners. CDPQ, which already owned about **15%** of Boralex, will increase its stake to **30%** after the deal closes. Together, they are acquiring a company with **3,800 MW** of operating assets, more than 90% of which are locked into long-term contracts averaging 10 years, GlobeNewswire reported.
Brookfield's global CIO for energy, Jehangir Vevaina, said the deal builds scale in Canada. "Combining Brookfield's customer and supply chain partnerships with the strong foundation built by Boralex will help grow our presence," he said. The company also has a **1.6 GW** pipeline of projects in advanced development and a further **5.6 GW** in early and mid-stages.
Why Boralex's CEO Wanted Out of the Public Market
Boralex CEO Patrick Decostre said public markets were holding the company back. High interest rates, supply chain inflation, and U.S. political headwinds had pushed shares down from a **2021 peak of $55** to the low-to-mid $20s before the deal was announced. "This transaction brings in the right long-term partners... requiring significant capital deployment and financial flexibility," he said, as reported by Financial Post.
Analysts agreed the public market was mispricing the stock. CIBC said Boralex was trading "too cheap" given its pipeline. Morningstar analyst Malik Ahmed Khan called it a "good deal for shareholders," noting the **13x forward EBITDA** multiple was fair and that Brookfield's scale would speed up Boralex's development faster than it could manage as a standalone listed company.
Court Approval and TSX Delisting Still to Come
The deal is not yet done. Closing depends on a final order from the **Superior Court of Québec** and certain regulatory approvals, GlobeNewswire reported. Both are expected to be resolved in the coming weeks, with full completion of the arrangement targeted for **Q4 2026**. Once closed, Brookfield will delist Boralex from the **Toronto Stock Exchange** and apply for the company to stop being a public reporting issuer.
To ease local concerns about a Québec company going private, Brookfield and CDPQ have pledged to keep Boralex headquartered in **Kingsey Falls, Québec** and maintain current employment levels. They also committed to continuing Boralex's partnerships with Indigenous communities, including framework agreements with the **Wôlinak and Odanak Nations**, according to National Post.
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