INE) Makes TSX Prime Gainers Record on Acquisition Information
February 25, 2025 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com, a go-to platform for large investing concepts, together with renewable vitality shares stories on buying and selling and information for Innergex Renewable Vitality Inc. (TSX: INE).
The inventory makes the TSX high proportion gainers listing in the present day on acquisition information. Innergex is buying and selling at $13.40, up 4.69, gaining 53.91% on quantity of over 7.3 Million shares. The inventory has a morning excessive of $13.52.
Right now Innergex Renewable Vitality Inc. (TSX: INE) and CDPQ introduced in the present day they’ve entered right into a definitive settlement dated as of February 24, 2025 (the “Association Settlement”), pursuant to which CDPQ will purchase all the issued and excellent widespread shares of Innergex (the “Widespread Shares”) (apart from these held by CDPQ and sure members of senior administration rolling over (the “Rollover Shareholders”)) for a worth of $13.75 per share in money. Pursuant to the Association Settlement, CDPQ can even purchase all the issued and excellent most well-liked shares Sequence A and C of Innergex (the “Most popular Shares”) for $25.00 per share in money (plus all accrued and unpaid dividends and, within the case of the Sequence A most well-liked shares, an quantity in money per Sequence A most well-liked share equal to the dividends that might have been payable in respect of such share till January 15, 2026, which is the following out there redemption date) (the “Transaction”).
Innergex and CDPQ logos (CNW Group/Innergex Renewable Vitality Inc.)
Innergex and CDPQ logos (CNW Group/Innergex Renewable Vitality Inc.)
The Transaction is topic to approval by Innergex’s widespread shareholders and different customary closing circumstances (together with regulatory approvals).
“We’re proud to help Innergex because it embarks on this new chapter, guided by a long-term imaginative and prescient, entry to capital, and readiness to grab progress alternatives. This funding completely illustrates our constructive capital and twin mandate in motion: whereas we attempt for optimum returns, we’re dedicated to supporting important companies headquartered in Québec, similar to Innergex, which performs a key function within the vitality transition and autonomy”, mentioned Emmanuel Jaclot, Govt Vice-President and Head of Infrastructure at CDPQ. “Innergex has been a pacesetter in renewable vitality throughout North America, with sturdy improvement capabilities and an extended historical past of collaboration and partnership with Indigenous communities.”
From now till the closing of the Transaction, CDPQ will search to syndicate as much as 20% of its invested capital to herald like-minded buyers who share its imaginative and prescient for the following chapter of Innergex’s progress. The Transaction will not be conditional upon such syndication.
“Right now’s announcement represents a pivotal second for our firm” mentioned Monique Mercier, Chair of the Particular Committee and of the Board of Innergex. “After in depth work and cautious deliberation, the Particular Committee and the Board of Administrators have unanimously concluded that the Transaction is in the very best pursuits of Innergex and truthful to its shareholders. We’re happy to be asserting a transaction which not solely supplies our shareholders with instant liquidity at a pretty premium, but additionally positions Innergex for long-term success beneath the non-public possession of CDPQ, an essential Québec establishment with a robust steadiness sheet and want to proceed growing renewable vitality and sustaining deep relationships with the assorted communities and different stakeholders with which Innergex does enterprise.”
“As we transition from being a publicly traded firm to a privately held entity, this alteration marks an thrilling new chapter in our journey,” mentioned Michel Letellier, President and Chief Govt Officer of Innergex. “CDPQ shares our dedication to sustainability, progress in addition to long-term worth, therefore collectively, we can obtain even better success. This transfer permits us to leverage their sources and experience, whereas persevering with to function from our Longueuil headquarters, which can stay central to our international operations. That is nice information for everybody concerned, because it supplies the soundness and suppleness to pursue our targets with out the distractions of market volatility. Our core mission to construct a greater world with renewable vitality stays unchanged, together with our shared prosperity strategy with Indigenous and native communities. The power of our group and values will proceed to drive us ahead. We’re excited for the long run as we proceed to develop and innovate.”
1 The Widespread Shares are held by HQI Holding Canada Inc., a subsidiary of Hydro-Québec
Transaction Highlights
Engaging premium for widespread shareholders: Consideration of $13.75 per issued and excellent Widespread Share, payable totally in money, representing a premium of roughly 58% to the closing worth of the Widespread Shares on the Toronto Inventory Trade (“TSX”) on February 24, 2025 of $8.71 per Widespread Share and roughly 80% to the 30-day quantity weighted common share worth on the TSX for the interval ending on February 24, 2025 of $7.66 per Widespread Share;
Premium for most well-liked shareholders: Holders of most well-liked shares will obtain compensation in filled with their subscription worth of $25.00 per share, representing a premium to the 30-day quantity weighted common share worth on the TSX for the interval ending on February 24, 2025 of roughly 24% within the case of Sequence C most well-liked shares and 58% within the case of Sequence A most well-liked shares, along with the fee of accrued and unpaid dividends (working till January 15, 2026 within the case of Sequence A most well-liked shares to bear in mind the truth that such shares are usually not redeemable previous to such date);
Certainty of worth and instant liquidity: The shareholders of Innergex will obtain their consideration totally in money, which supplies certainty of worth and instant liquidity;
Unanimous Innergex Board suggestion: The board of administrators of Innergex (the “Board of Administrators”) unanimously recommends that Innergex’s widespread shareholders (apart from CDPQ and the Rollover Shareholders) and Sequence A most well-liked shareholders vote in favour of the Transaction;
Lengthy-term investor: CDPQ has a long-standing relationship with Innergex, with its first investments relationship again to 1995. Through the years, CDPQ has made a number of investments and is now Innergex’s second-largest shareholder after Hydro-Québec. This deep understanding of Innergex’s potential and its sturdy improvement capabilities led CDPQ to consider that Innergex could be higher suited beneath this new possession, benefiting from entry to capital to unlock its full potential, making this a strategic choice for the Company;
Strategic alignment going ahead: CDPQ is carefully aligned with Innergex’s administration in a shared imaginative and prescient for the way forward for Innergex and can leverage the experience of Innergex’s present administration group led by two 20+-year tenure executives, Michel Letellier, President and Chief Govt Officer and Jean Trudel, Chief Monetary Officer, to proceed to help Innergex’s progress technique and to construct a world chief headquartered in Québec;
Transaction has the help of Innergex’s largest shareholder and Innergex’s administrators and govt officers: Hydro-Québec, Innergex’s largest shareholder with roughly 19.9% of the excellent Widespread Shares, and every of the administrators who’re shareholders and sure govt officers of Innergex (collectively, the “Supporting Shareholders”) have entered into help and voting agreements pursuant to which they’ve all agreed to, amongst different issues, vote all the shares they personal in favour of the Transaction. As well as, Innergex’s President and Chief Govt Officer and Chief Monetary Officer have undertaken to roll a portion of their Widespread Shares and reinvest within the privatized Innergex an quantity of not lower than $15 million within the combination (on the premise of an quantity per share equal to the per share consideration obtained by Innergex’s widespread shareholders beneath the Transaction), and different members of administration and key workers might be invited to proceed equally; and
Worth supported by a number of equity opinions: BMO Capital Markets (“BMO”), CIBC Capital Markets (“CIBC”) and Greenhill & Co. Canada Ltd., a Mizuho affiliate (“Greenhill”) have all offered the Board of Administrators and the Particular Committee with verbal opinions stating that, as at February 24, 2025, topic to the assumptions, limitations and {qualifications} set out of their respective opinions, the consideration to be obtained by the widespread shareholders of Innergex (apart from CDPQ and the Rollover Shareholders) pursuant to the Transaction is truthful, from a monetary perspective, to such shareholders. Greenhill additionally offered a equity opinion to the Particular Committee and at its route to the Board of Administrators stating that, as at February 24, 2025, topic to the assumptions, limitations and {qualifications} set out in such opinion, the consideration to be obtained by the Sequence A most well-liked shareholders pursuant to the Transaction is truthful, from a monetary perspective, to such shareholders.
Current information:
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