Noverco acquires Valener for C$1.12B

Date Closed

September 27, 2019

Lead Office

Montréal

Value

1.12 Billion CAD

On September 27, 2019, Valener Inc. announced the completion of the previously announced C$1.12 billion acquisition of all of Valener Inc.'s issued and outstanding common shares and all of Valener's issued and outstanding Cumulative Rate Reset Preferred Shares, Series A by Noverco Acquisition, Inc., a wholly-owned subsidiary of Noverco Inc.

Noverco indirectly owns 71% of Énergir, L.P. which is the main distributer of natural gas in Québec and is involved in developing renewable, liquefied and compressed natural gas, solar and wind power and hydroelectricity. Énergir also operates in the state of Vermont. Valener holds the remaining 29% interest in Énergir.

Noverco is a holding company that offers power production, gas storage, and marketing services. Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, British Columbia Investment Management Corporation and Université du Québec Pension Plan, through TRENCAP L.P. own 61.1% of Noverco while Enbridge Inc. owns the remaining 38.9%.

Valener is a TSX-listed company that acts as a public investment vehicle in Énergir, which allows Valener to offer its shareholders a diversified and regulated energy portfolio in Québec and Vermont. As a strategic partner to Énergir, Valener invests in Énergir's growth and wind power production. 

McCarthy Tétrault advised Noverco in the acquisition with a team led by Patrick Boucher that included Sonia Struthers, Jessica Rousseau, Mathieu Dubord, Marjolaine Hémond Hotte, Eve Tessier, Fred Purkey, Angelo Discepola, Dominic Thérien, Julien Beaulieu, François Giroux and Gabrielle Groulx-Maurer.

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