CGI to Buyback C$400 Million Worth of Its Shares From Quebec's Public Pension Fund

By Adriano Marchese

CGI Inc. said Tuesday that it will purchase and cancel about 4 million shares of its shares held by Quebec's public pension fund, worth around 400 million Canadian dollars, the equivalent of US$315.5 million.

The Canadian information technology consulting and systems integration company said that it has agreed with Caisse de depot et placement du Quebec to purchase the class A subordinate voting shares at a price of C$100.80 each.

On Monday, the stock's closing price was C$103.92.

CGI said the transaction will be made in connection with the CDPQ's periodic portfolio rebalancing, and added that once it is complete, it will continue to hold around 23.5 million of the shares, which is around 9.8% of CGI's total outstanding shares.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

03-01-22 0710ET