CGI Announces Intent to Repurchase 4.85 Million of its Shares

CGI Group (TSX:GIB.A; NYSE:GIB) announced it plans to enter into a private agreement with Caisse de dépôt et placement du Québec for the repurchase for cancellation of 4,854,368 of its Class A subordinate voting shares held by la Caisse for a price of $61.80 per Class A Share.
As quoted in the press release:

The transaction will be made in connection with the periodic portfolio rebalancing of la Caisse. Once completed, la Caisse will continue to hold approximately 46.2 million Class A Shares, representing approximately 16% of CGI’s total outstanding shares.
“La Caisse rebalances its portfolio periodically, during the right conditions, to ensure our depositors capture the benefits from our portfolio’s gains. CGI has delivered excellent results for its shareholders, and this transaction is an opportunity to monetize a portion of our investment in the company,” said Christian Dubé, Executive Vice-President, Québec, of la Caisse.

Click here to read the full press release.

Source: www.newswire.ca