Stock Market SymbolsGIB.A (TSX)GIB (NYSE)cgi.com/newsroom
MONTRÉAL, March 1, 2022 /PRNewswire/ - CGI (TSX: GIB.A) (NYSE: GIB) announced today that it intends to enter into a private agreement with Caisse de dépôt et placement du Québec ("CDPQ") for the purchase for cancellation of 3,968,159 of its Class A subordinate voting shares ("Class A Shares") held by CDPQ for a price of $100.80 per Class A Share, which represents a discount to the closing price on February 28, 2022 of the Class A Shares on the Toronto Stock Exchange ("TSX").
The transaction will be made in connection with the periodic portfolio rebalancing of CDPQ. Once completed, CDPQ will continue to hold approximately 23.5 million Class A Shares, representing approximately 9.8% of CGI's total outstanding shares.
"Once again this year, CGI produced excellent results for its shareholders. This repurchase of shares is an opportunity to monetize a portion of our investment to the benefit of our depositors, and we plan to reinvest this amount in Québec companies," said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ. "Following this transaction, CDPQ will continue to be one of the main shareholders of CGI, and we intend to remain so to support the long-term growth of this information technology leader."
"This transaction is consistent with our value creation strategy and is immediately accretive to our shareholders," said Julie Godin, Co-Chair of the Board, CGI. "With a solid balance sheet and excellent cash generation combined with $2 ..
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