Brookfield and La Caisse sign deal to buy Quebec-based power producer Boralex
BNN Bloomberg
Two Canadian institutional giants are buying renewable power producer Boralex Inc. in a deal that they say will provide the scale and resources needed to accelerate growth.
Brookfield Asset Management Ltd. and La Caisse have agreed to buy the Quebec-based company for $9 billion including debt, or about $3.8 billion in equity value.
The deal comes after renewable power producers have seen valuations drop from the highs of a few years ago as permitting and other headwinds have dimmed their outlook.
But the trend has started to reverse over the past year, in part as investors looking at the electricity demands of artificial intelligence have helped boost valuations of all sources of power.
Boralex CEO Patrick Decostre said in a news release Wednesday that being part of Brookfield will bring helpful economies of scale as it aims to meet growing demand.
“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.”
Oil above US$100 is adding pressure on equities as geopolitical risks and uncertainty over inflation and growth cloud the outlook.
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The chief executive of National Bank of Canada says he’s not changing the bank’s strategy because of the war in the Middle East, but he is urging a faster response from Canada to rising threats abroad.
With airstrikes still battering Iran and missiles still targeting sites across the Middle East, some of the optimism that sent stocks rallying the day before drained out of Wall Street on Tuesday. Oil prices got back to rising, and U.S. stocks are returning some of their gains.
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Oil prices rise and stocks fall as war with Iran still advances despite Trump’s talk of negotiations
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
Bank of Montreal said on Tuesday it plans to roll out tokenized cash capabilities in collaboration with CME Group and Google Cloud, as it seeks to meet rising demand for real‑time payments amid a global shift toward around‑the‑clock trading.
From rolled steel to kitchen cabinets, Canadian businesses hit by targeted U.S. tariffs are struggling to respond as the trade war drags into its second year.
Global benchmarks mostly rebounded Tuesday, in a mood of cautious relief after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war.
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Gold seen as overbought as Iran tensions ease, with falling oil prices lifting stocks and shifting investor sentiment toward risk assets.