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CGI announces intent to repurchase 3.34 million of its shares held by CDPQ
CGI announces intent to repurchase 3.34 million of its shares held by CDPQ Canada NewsW...
About this update from Cgi Inc. Class A
[{"type":"text","content":"\n \n \n \n CGI announces intent to repurchase 3.34 million of its shares held by CDPQ\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.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Stock Market Symbols\n \n \n \n GIB.A (TSX)\n \n \n \n GIB (NYSE)\n \n \n \n cgi.com/en/newsroom\n \n \n \n \n MONTRÉAL\n \n ,\n \n \n Feb. 27, 2023\n \n \n /CNW/ - CGI (TSX: GIB.A) (NYSE: GIB) announced today that it intends to enter into a private agreement with CDPQ for the purchase for cancellation of 3,344,996 of its Class A subordinate voting shares (\"Class A Shares\") held by CDPQ for a price of\n \n $119.58\n \n per Class A Share, which represents a discount to the closing price on\n \n February 24, 2023\n \n of the Class A Shares on the Toronto Stock Exchange (\"TSX\").\n \n \n The transaction will be made in connection with the periodic portfolio rebalancing of CDPQ. Once completed, CDPQ will continue to hold approximately 19.18 million Class A Shares, representing approximately 8.16% of CGI's total outstanding shares.\n \n \n \"CGI continues to produce excellent results for its shareholders and this share repurchase is an opportunity to monetize a portion of our investment to the benefit of our depositors. Furthermore, we plan to reinvest this amount in Québec companies,\" said\n \n Kim Thomassin\n \n , Executive Vice-President and Head of Québec at CDPQ. \"Following this transaction, CDPQ will remain one of the main shareholders of CGI, and we intend to continue supporting the company. CGI is a world leader in information technology that is well positioned to continue finding success in both Québec and international markets.\"\n \n \n \"This transaction is consistent with our value creation strategy and is immediately accretive to our shareholders,\" said\n \n Julie Godin\n \n , Co-Chair of the Board, CGI. \"CGI has the strength and capital resources to execute on our Build and Buy profitable growth strategy given our strong balance sheet and excellent cash generation, combined with\n \n $2.8 billion\n \n of cash readily avai...