MONTREAL — Quebec pension fund manager CDPQ has signed a deal to buy Innergex Renewable Energy Inc. in an agreement that values the company at about $10 billion, including debt.
Under the agreement, CDPQ will pay $13.75 per share in cash for Innergex’s common shares and $25 per share for the company’s Series A and C preferred shares, plus accrued and unpaid dividends.
Innergex common shares closed at $8.71 on the Toronto Stock Exchange on Monday.
CDPQ is Innergex’s second-largest shareholder after Hydro-Québec, which holds a 19.9 per cent stake in the company.
The Quebec power utility has said it will support the deal, which will require approval by shareholders.
Innergex, which owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, has operations in Canada, the United States, France and Chile.
This report by The Canadian Press was first published Feb. 25, 2025.