Valener Inc (“Valener”) (TSX: VNR, VNR.PR.A), the public investment vehicle of Énergir, L.P., Noverco Acquisition Inc. and Noverco Inc. (“Noverco”), the controlling partner of Énergir, L.P., completed their acquisition through the sale of all of the issued and outstanding common and preferred shares of Valener for a total enterprise value of approximately $1.1 billion, including the assumption of existing indebtedness.
Through its investment in Énergir, L.P., Valener was offering its shareholders a solid investment in a diversified and largely regulated energy portfolio in Québec and Vermont.
Miller Thomson LLP advised Valener with a team led by Louis Clément (Corporate/M&A) and including Bruno Caron, Pierre Soulard and Jean Bernard Ricard (Capital Markets/Securities), Francis Dumoulin (Corporate/M&A), Yves Robillard and Lucie Lanctuit (Commercial Litigation), Nathalie Marchand (Corporate Tax), Eric Dufour (Competition), and Adina Georgescu (Administrative and Energy).
Noverco was advised by McCarthy Tétrault LLP with a team led by Patrick Boucher, and including Sonia J. Struthers and Jessica Rousseau (M&A, Capital Markets), Dominic Therrien (Competition), Fred Purkey and Angelo Discepola (Corporate Tax), Francois Giroux and Gabrielle Groulx-Maurer (Litigation), Mathieu Dubord, Marjolaine Hémond Hotte and Eve Tessier (Bank Financing). François Duquette and Camille O'Carroll of Caisse de dépôt et placement du Québec also supported Noverco's interests.
BMO Capital Markets acted as financial advisor to Valener in connection with this transaction and was represented by François Paradis and Bastien Gauthier (Corporate) from Osler, Hoskin & Harcourt LLP.
TD Securities, being retained as independent valuator in accordance with MI 61-101, was advised by Tom Miller of TD Legal and Howard Levine, Jean Tessier and Chris Hewat (Corporate/M&A) of Blake, Cassels & Graydon LLP.
Énergir Inc., as the general partner of Énergir, s.e.c., acting as external manager of Valener, was represented by Thierry Dorval, Mathieu R. Deschamps, Pierre-Olivier Poisson and Caroline Comeau of Norton Rose Fulbright and by Nathalie Longval, Félix Turgeon, Anne-Marie Gauthier and Alexandra Genest of Énergir Inc.