Cascades, leader in the recovery and manufacturing of green packaging and tissue products, completed the previously announced sale of 13,153,799 Class A shares of Boralex Inc to the Caisse de dépôt et placement du Québec at a price of CAD 21.86 per share, for a total consideration of CAD 287,542,046.10. The Shares were sold pursuant to a private transaction and not through a securities exchange. Cascades sold the shares to monetize its investment.
According the announcement, the shares represent approximately 17.3% of the issued and outstanding Class A shares of Boralex, being 100% of such shares held by Cascades, directly or indirectly, immediately prior to the Sale. Cascades now holds no securities of Boralex, directly or indirectly.
Boralex develops, builds and operates renewable energy power facilities in Canada, France and the US.
Earlier Cascades officially inaugurated its new tissue converting facility in Scappoose, US.
The company is a North American leader in the recovery, manufacturing and converting of green packaging and tissue paper products. The products are composed mainly of recycled fibres. Cascades employs almost 11,000 people at more than 90 production units in North America and Europe.