GIB - CGI plans to repurchase 3.34M of its shares held by CDPQ

February, 27 2023 07:56 AM CGI Group Inc.

CGI ( NYSE: GIB ) plans to enter into a private agreement with CDPQ for the purchase for cancellation of 3.3M of its Class A subordinate voting shares held by CDPQ for a price of $119.58/Class A Share.
The price indicates a discount to Feb.24 closing price.
On completion, CDPQ will continue to hold ~19.18M Class A Shares, representing ~8.16% of CGI's total outstanding shares.
Post the transaction, CDPQ will remain one of the main shareholders of 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 $2.8B of cash readily available at the end of December 2022," Co-Chair of the Board, CGI Julie Godin commented.
Transaction is expected to be entered into later today and settled on Feb. 28, 2023.
The share repurchase will be made under CGI's normal course issuer bid wherein the company is authorized to repurchase up to 18.8M Class A Shares by Feb.5, 2024.

For further details see: