Computer services specialist CGI announced on Monday that it intends to buy back 3.34 million of its shares held by the Caisse de depot et placement du Québec, at a price of $119.58 per share, in order to cancel them. .
After the transaction, the Caisse de depot will still hold approximately 19.18 million shares of CGI, which will allow it to maintain an 8.16% stake in the Montreal company.
The first vice-president and head of Quebec for the Caisse de depot et placement, Kim Thomassin, argued that the transaction was an opportunity to monetize part of the investment for the benefit of depositors. The CDPQ “remains one of the main shareholders of CGI” and intends to continue to support the company, she said.
The money raised through the operation will be reinvested in companies in the province, continued Ms. Thomassin.
In addition, CGI Co-Chair Julie Godin noted that the transaction is “consistent with our value creation strategy and is immediately accretive for our shareholders.”
The transaction is expected to close on Monday with settlement on February 28.
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