Pursuant to the Arrangement Agreement, CDPQ will also acquire all of the issued and outstanding Series A and C preferred shares of Innergex for $25.00 in cash per share plus all accrued and unpaid dividends and, in the case of the Series A Preferred Shares, an amount in cash per Series A Preferred Share equal to the dividends which would have been payable in respect of such share until the maturity date of January 15, 2026, which is the next available redemption date
The transaction is subject to approval by Innergex common shareholders and other customary closing conditions including regulatory approvals.
“We are proud to support Innergex as it embarks on this new chapter, guided by a long-term vision, access to capital and a desire to seize growth opportunities. This investment perfectly illustrates our constructive capital approach and the achievement of our dual mandate: while aiming for optimal returns, we are committed to supporting essential companies headquartered in Quebec, such as Innergex, which plays a key role in the energy transition and autonomy,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ.
Until the closing of the transaction, CDPQ will seek to syndicate up to 20% of its invested capital in order to attract investors who share its vision for the next chapter of Innergex's growth.
The transaction is not conditional on such syndication.
“Today’s announcement represents a defining moment for our company,” said Monique Mercier, Chair of the Special Committee and the Board of Directors of Innergex. “After extensive work and careful deliberations, the Special Committee and the Board of Directors unanimously concluded that the transaction was in the best interests of Innergex and fair to its shareholders.”
“As we transition from a publicly traded company to a private entity, this change marks an exciting new chapter in our journey,” said Michel Letellier, President and CEO of Innergex. “CDPQ shares our commitment to sustainability, growth and long-term value, and together we can achieve even greater success.
“This move allows us to leverage their resources and expertise, while continuing to operate from our Longueuil head office, which will remain at the heart of our global operations. This is great news for all parties involved, as it provides the stability and flexibility to achieve our goals without the distractions of market volatility. Our core mission of creating a better world with renewable energy remains unchanged, including our shared prosperity approach with Indigenous and local communities. The strength of our team and our values will continue to propel us forward. We are excited for the future as we continue to grow and innovate.”
