MONTREAL - Information technology company CGI Group Inc. says it has reached an agreement to pay $272.8 million to purchase more than 3.6 million of its shares held by the Caisse de depot et placement du Quebec.
The Montreal-based company says it will pay $75.06 per Class A share, less than the $77.75 they traded at Tuesday afternoon on the Toronto Stock Exchange.
The Quebec pension fund manager says the transaction is part of the periodic rebalancing of its portfolio.
The sale still leaves the Caisse with 42.6 million shares, representing about 15.1 per cent of CGI's total outstanding shares. The shares are worth $3.3 billion at Tuesday's trading price.
As one of CGI's main shareholders, the Caisse plans to maintain its investment to support the company's long-term growth, says Christian Dube, executive vice-president.
The deal is part of the nearly 20.6 million shares CGI is authorized to repurchase by Feb. 5. As of Monday, 3.2 million shares had been repurchased.
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