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ALIMENTATION COUCHE-TARD ANNOUNCES AGREEMENT TO REPURCHASE 8,695,652 COMMON SHARES
ALIMENTATION COUCHE-TARD ANNOUNCES AGREEMENT TO REPURCHASE 8,695,652 COMMON SHARES Cana...
About this update from Alimentation Couche-tard Inc.
[{"type":"text","content":"\n \n \n \n ALIMENTATION COUCHE-TARD ANNOUNCES AGREEMENT TO REPURCHASE 8,695,652 COMMON SHARES\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n LAVAL, QC\n \n \n ,\n \n \n July 23, 2024\n \n \n /CNW/ - Alimentation Couche-Tard Inc. (\"Couche-Tard\" or the \"Corporation\") (TSX: ATD) announced today that it entered into a private agreement with\n \n Caisse de dépôt et placement du Québec\n \n (\"CDPQ\"), for the repurchase for cancellation of 8,695,652 common shares of Couche-Tard held by CDPQ at a price of CAD\n \n $80.50\n \n per share, for a total consideration of approximately CAD\n \n $700 million\n \n . The repurchase price represents a discount of 3% to the closing price of the shares on the Toronto Stock Exchange (\"TSX\") on\n \n July 22, 2024\n \n , and will be paid using Couche-Tard's cash on hand.\n \n \n \n \n \n \n \n \n \n The repurchase will be made in connection with the periodic portfolio rebalancing of CDPQ. Once the repurchase is completed, CDPQ will hold approximately 32.8 million shares, representing approximately 3.5% of Couche-Tard's total shares outstanding.\n \n \n \"This transaction is consistent with our opportunistic approach regarding our share repurchase program and broader capital allocation priorities and represents a distinct opportunity to create shareholder value. Our healthy balance sheet and strong financial position, highlighted by our leverage ratio in line with our customary financial discipline, allows us to be well-positioned for opportunities like this to deploy excess cash on-hand\" said\n \n Filipe Da Silva\n \n , Chief Financial Officer.\n \n \n \"Following this transaction, CDPQ will remain a major shareholder of Alimentation Couche-Tard, with a\n \n $2.7 billion\n \n stake. We've been a partner of the company for nearly 30 years, and we will continue to support the expansion of this international leader,\" said\n \n Kim Thomassin\n \n , Executive Vice-President and Head of Québec at CDPQ. \"The proceeds of this monetization will be reinvested in other c...