CGI Inc. (TSX: GIB.A, NYSE: GIB) has announced its plan to repurchase 2,887,878 of its Class A subordinate voting shares from CDPQ for a price of $138.51 per share. This transaction, expected to be settled on May 29, 2024, represents a discount to the closing price on May 27, 2024, and is part of CDPQ’s periodic portfolio rebalancing. Post-transaction, CDPQ will hold approximately 16.29 million Class A shares, equating to about 7.15% of CGI’s total outstanding shares. This move aligns with CGI’s strategy to deliver accretive value to its shareholders, backed by its strong financial position of $2.8 billion in cash as of March 2024. The share buyback falls under CGI’s normal course issuer bid, which sets a cap of repurchasing up to 20,457,737 shares by February 2025.

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