Shareholders of Innergex Renewable Energy Inc. have overwhelmingly approved the arrangement plan for its full acquisition by Caisse de dépôt et placement du Québec (CDPQ), the company announced following its annual and special meeting held on May 1. The vote recorded 99.86% in favour from both common shareholders and Series A preferred shareholders.
Approval of the arrangement plan
The transaction involves the purchase of all outstanding common shares not already held by CDPQ and its affiliates, as well as those excluded by certain members of senior management, at a price of CAD13.75 per share, or approximately $10.07 USD. Series A and Series C preferred shares will be acquired for CAD25.00 ($18.30 USD) per share, including accrued and unpaid dividends, and for Series A, additional amounts due through to January 15, 2026.
Completion of the transaction remains subject to customary closing conditions for such deals, including a final order from the Superior Court of Québec, with a hearing scheduled for May 7, and required regulatory approvals. Innergex expects the acquisition to be completed by the fourth quarter of 2025.
Board of directors election results
In addition to approving the arrangement, shareholders re-elected all nominees presented in the management circular to the board of directors. Chief Executive Officer Michel Letellier received 99.32% of the votes in favour. Other members such as Pierre G. Brodeur, Radha D. Curpen, and Patrick Loulou also secured results above 99%.
One notable exception was Richard Gagnon, whose candidacy received 91.08% approval, marking the widest margin in the vote tally.
Context and next steps
The transaction represents a strategic move for CDPQ, already a major Innergex shareholder, to fully privatise the company. Founded over 35 years ago, Innergex operates 90 renewable energy facilities across Canada, the United States, France, and Chile, with a net installed capacity of 3,707 MW.
Innergex announced it will release its financial results for the quarter ended March 31 on May 7 after market close, but will not hold a conference call due to the ongoing acquisition.
