お知らせ • Jul 22
Caisse de dépôt et placement du Québec and the management of Innergex Renewable Energy Inc Completed the acquisition of Innergex Renewable Energy Inc. (TSX:INE) from Caisse de dépôt et placement du Québec, HQI Canada Holding Inc., management of Innergex Renewable Energy Inc. and others in a Equity re-investment transaction.
Caisse de dépôt et placement du Québec and the management of Innergex Renewable Energy Inc. agreed to acquire Innergex Renewable Energy Inc. (TSX:INE) from Caisse de dépôt et placement du Québec, HQI Canada Holding Inc., management of Innergex Renewable Energy Inc. and others for CAD 2.8 billion in a Equity re-investment transaction on February 24, 2025. CDPQ will acquire all of the issued and outstanding common shares of Innergex for a price of CAD 13.75 per share in cash. Pursuant to the Arrangement Agreement, CDPQ will also acquire all of the issued and outstanding preferred shares Series A and C of Innergex for CAD 25.00 per share in cash. Both buy-side and sell-side termination fee equates to CAD 83.9 million. CDPQ intends to fund the acquisition and the repayment of existing Innergex indebtedness under its credit facility and convertible debentures with cash on hand and a new fully underwritten CAD 1.2 billion senior financing that will be put in place at closing of the Transaction.
As of July 16, 2025, all required regulatory approvals for the closing arrangement involving the Corporation and La Caisse have now been received.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, court approval, dissent rights have not been validly exercised with respect to more than 17,5% of the Common Shares, approval of offer by target shareholders, the Competition Act of Canada Approval, the FERC Approval, the Competition Act of Chile Approval as well as the Foreign Investment Authorization in France. The deal has been unanimously approved by the board. The transaction is expected to close on Q4, 2025. As of March 26, 2025, Superior Court of Québec (Commercial Division) (the "Court") has granted an interim order to Innergex Renewable Energy. As of April 9, 2025 Institutional Shareholder Services Inc recommended common shareholders of Innergex Renewable Energy to vote for plan of arrangement with Caisse de dépôt et placement du Québec. As of April 22, 2025, Proxy advisory firm, Glass Lewis & Co. ("Glass Lewis"), has issued recommendations to Innergex's common shareholders (the "Innergex Common Shareholders") to vote FOR the previously announced plan of arrangement involving the Corporation and CDPQ (the "Arrangement") at the Corporation's annual and special meeting of shareholders to be held on May 1, 2025. Innergex Renewable Energy shareholders approved the arrangement at annual and special meeting of shareholders held on May 1, 2025. As of May 7, 2025, the Superior Court of Québec (Commercial Division) approved the transaction.
TD Securities, Inc. acted as financial advisor to CDPQ. Moelis & Company LLC acted as financial advisor to CDPQ. Marie-Josée Neveu and Jean-Pierre Chamberland of Fasken Martineau DuMoulin LLP acted as legal advisor to CDPQ. Philippe Leclerc, Patrick Boucher, Michael Caldecott, Laurence Cromp-Lapierre, Nicolas Deslandres, François Dupuis, François M. Giroux, Christian Meighen, Richard O'Doherty, Dominic Thérien and Morgan Troke of McCarthy Tétrault LLP acted as legal advisors to Innergex. CIBC Capital Markets acted as financial advisor and fairness opinion provider to Innergex. BMO Capital Markets acted as financial advisor and fairness opinion provider to Innergex. Greenhill & Co. Canada Ltd. acted as financial advisor and fairness opinion provider to Special Committee of Innergex. Paul Raymond and Emmanuel Grondin of Norton Rose Fulbright Canada LLP acted as legal advisor to special committee of Innergex. Scotiabank acted as the financial advisor to Hydro-Quebec. Xavier Petet, Orion Berg, Jérémie Marthan, Jean-Luc Champy, Amaury de Feydeau, Brice Engel, Valérie Ménard and Diane Lamarche of White & Case LLP (Paris) acted as legal advisor to Caisse de dépôt et placement du Québec. Laurel Hill Advisory Group acted as information agent to Innergex. Laurel Hill will be paid a fee of CAD 200,000 for services. Computershare Investor Services Inc. acted as transfer agent and depository to Innergex. Mayer Brown LLP acted as legal advisor to Caisse de dépôt et placement du Québec. Davies Ward Phillips & Vineberg LLP acted as legal advisor to Hydro-Québec.
Caisse de dépôt et placement du Québec and the management of Innergex Renewable Energy Inc Completed the acquisition of Innergex Renewable Energy Inc. (TSX:INE) from Caisse de dépôt et placement du Québec, HQI Canada Holding Inc., management of Innergex Renewable Energy Inc. and others in a Equity re-investment transaction on July 21, 2025. As part of the Arrangement, certain members of senior management of Innergex, including Michel Letellier, Innergex’s President and Chief Executive Officer, and Jean Trudel, Innergex’s Chief Financial Officer, have rolled over a portion of their common shares and reinvested in the privatized Innergex.