GIB - CGI intends to repurchase ~939K shares held by CDPQ
- CGI ( NYSE: GIB ) to enter into a private agreement with CDPQ for the purchase for cancellation of 938,914 voting shares held by CDPQ for a price of $106.51 per Class A share.
- Transaction will be made in connection with the periodic portfolio rebalancing of CDPQ, whereby company will continue to hold ~22.5M shares, representing ~9.5% total outstanding shares.
- Transaction is expected to be entered into later today and settled on August 2, 2022.
- Under the NCIB, company is authorized to repurchase up to 18.78M shares by February 5, 2023.
- As at July 29, 2022, company had repurchased ~5.09M shares under its current NCIB.
- "This transaction is consistent with our value creation strategy and is immediately accretive to our shareholders. 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 $2.3 billion of cash readily available at the end of June 2022." said Julie Godin, Co-Chair of the Board, CGI.
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CGI intends to repurchase ~939K shares held by CDPQ