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Investing.com -- Canadian pension fund CDPQ has agreed to acquire Innergex Renewable Energy Inc . (TSX:INE) for C$13.75 per share in cash, valuing the renewable power company at C$10 billion, including debt.
The deal represents a 58% premium to Innergex’s last closing price of C$8.71 and an 80% premium to its 30-day volume-weighted average price.
Innergex’s board has unanimously approved the transaction, which is expected to close by the fourth quarter of 2025, subject to shareholder and regulatory approvals.
Hydro-Québec, which holds a 19.9% stake in Innergex, has agreed to vote in favor of the acquisition. Preferred shareholders will receive full repayment of their subscription price, along with accrued dividends.
CDPQ said the deal would position Innergex as a leading Québec-based renewable energy player with financial and strategic backing for long-term growth.
CDPQ has a long-standing relationship with Innergex, with its first investments dating back to 1995. Over the years, CDPQ has made multiple investments and is now Innergex's second-largest shareholder after Hydro-Québec, the companies said.
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