Both Leading Independent Proxy Advisors Recommend Boralex Shareholders Vote FOR Arrangement

The most recent release (May 21, 2026) confirms that leading independent proxy advisory firms ISS and Glass Lewis have recommended Boralex shareholders vote "FOR" the proposed arrangement with BIF Thunder Holdings Inc. The transaction involves a cash consideration of $37.25 per share. Key regulatory approvals including Competition Act Approval and HSR Clearance are obtained, though other regulatory approvals remain pending. A shareholder meeting is scheduled for June 4, 2026. This follows the initial M&A announcement on March 25, 2026, where Brookfield Infrastructure Fund V and Caisse de dépôt et placement du Québec agreed to acquire Boralex at a ~32% premium.

The proxy advisor endorsements are a procedural milestone rather than a fundamental shift in value. The market has already priced the deal into the stock since the March 25 announcement, with shares trading consistently near the $37.25 offer price (current close $36.85). While this news reduces execution risk regarding shareholder approval, it does not introduce new valuation upside or strategic changes beyond what was disclosed in March. The "multi-year high" valuation noted by Glass Lewis confirms the premium but reflects existing market consensus rather than a surprise catalyst. Consequently, the impact is incremental confirmation of deal closure probability rather than a material re-rating event.

Boralex Inc. is a renewable energy developer with ~3,800 MW of operating wind, solar, hydro, and battery storage assets. The company operates primarily in Canada (Quebec, Ontario), the UK, and the US. Flagship projects include the Hagersville Battery Energy Storage Park (300 MW/1,200 MWh) and the Oxford BESS project (125 MW). The company is transitioning from a public to a private entity under Brookfield and La Caisse ownership.