Cascades Completes Sale of Boralex Shares
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Cascades Inc., Kingsey Falls, Que., Canada, reports that it has completed the previously announced sale of 13,153,799 Class A of Boralex Inc., Kingsey Falls, to the Caisse de dépôt et placement du Québec at a price of C$21.86 per Share, for a total consideration of C$287,542,046.10, under a securities purchase agreement announced this week by Cascades, Cascades Canada ULC, and the Caisse. The shares were sold pursuant to a private transaction and not through a securities exchange.
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.
Cascades sold the shares to monetize its investment.
Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibers. The company employs 11,000 women and men, who work in close to 90 production units in North America and Europe.
