On July 21, 2025, CDPQ completed the previously announced agreement to acquire Innergex Renewable Energy Inc. for approximately $10 billion. The offer represents a 58 percent premium to Innergex’s last closing price and 80 percent to its 30-day VWAP. Hydro-Québec, Innergex’s largest shareholder with 19.9 percent ownership, and the company’s board support the transaction. Innergex’s CEO and CFO will reinvest at least $15 million into the privatized company. CDPQ will fund the acquisition and debt repayment using cash on hand and a new $1.2 billion fully underwritten senior financing led by TD Securities.
Innergex was advised by BMO Capital Markets and CIBC Capital Markets (financial) and McCarthy Tétrault LLP (legal), with Greenhill & Co. Canada Ltd. acting as an independent financial advisor and Norton Rose Fulbright Canada LLP as legal counsel to the Special Committee.
The McCarthy Tétrault team was led by Patrick Boucher and Philippe Leclerc and included Laurence Cromp-Lapierre, Mireille Trottier, Richard O'Doherty, François Dupuis, Philippe April, Sam Stoychev, Joseph Gagnon, Yassine Khadir, Jerry Lan, Françis Langlois (Business), Dominic Thérien, Michael Caldecott (Competition/Antitrust), Christian Meighen, Geneviève Favreau (Tax), Morgan Troke (Financial Services), Annie-Poirier Simard, François Giroux, Nicolas Deslandres (Litigation) and Jonathan Adessky (Technology).
CDPQ was advised by TD Securities and Moelis & Company LLC (financial) and Fasken Martineau DuMoulin LLP (legal). TD Securities also acted as sole underwriter, sole lead arranger, and sole bookrunner for the $1.2 billion senior financing supporting the acquisition.
The Fasken team was composed of Marie-Josée Neveu, Jean Pierre Chamberland, Guillaume Synnott, Geneviève Richard, Damien Hallé-Hannan, Julien Fournier, Lucas Noradounkian (M&A/Equity Syndication), Martin Legault, Quentin Lageix, Gabriel Paradis, Youcef Belrachid (Tax), Angela Onesi, Élaine Laberge-Poirier (Banking and Finance), Tony Di Domenico, Chris Margison and Henry Gray (Regulatory/Competition).
Osler, Hoskin & Harcourt LLP advised the management group of rollover shareholders of Innergex with a team consisting of Niko Veilleux, Jean- Philippe Bertrand, Daniel Stysis and Marissa Kyres (Corporate), Manon Thivierge and Jean-Philippe Dionne (Tax) and Julien Ranger-Musiol (Executive Compensation).