Impressive deal! Great job explaining the rationale. M. Tellier is one sharp cookie! Innergex was an attractive target for a take-over and now we get to keep going with this 20% Hydro-Quebec ownership. That makes me happy because when you own a great business, you wanna keep it and harvest for years to come! No one-time cash premium for me but instead generous growing dividend forever.
Innergex gets a shot in the arm from this partnership and it could be a good idea to use the "windfall" premium in share price to buyout Boralex using shares. The large cap (over 6 Billions) thus created would benefit from its Hydro and Caisse backers, as well as get top market valuation from its investable size for funds and indexes. It would be a world-class champion in renewables. Yeah it's big but they've stunned me before with their ambition, e.g. Alterra back then.
I own both BLX and INE.