CGI Group Inc (TSX: GIB.A, NYSE: GIB) has completed its previously-announced buyback of subordinate voting shares from the Caisse de dépôt et placement du Québec. The shares were repurchased at $40.15 per share, or approximately $100 million in total. The CGI buyback forms part of a $400 million secondary transaction in which the pension fund manager will reduce its stake in the company to 18.7 percent. Last year, the Caisse de dépôt made a $1 billion private equity investment in the Montréal-based CGI, an information technology and business process services company.
CGI completes $100 million share buyback
Montreal, Quebec, November 29, 2013 –
CGI (TSX: GIB.A, NYSE: GIB) announced today that it has completed its previously announced buyback of 2,490,660 Class A subordinate voting shares from la Caisse de dépôt et placement du Québec (“la Caisse”). The shares were repurchased at a price of $40.15 per share for an aggregate price of approximately $100 million.
In connection with the share repurchase, CGI has amended its Normal Course Issuer Bid to specifically allow for purchases outside the facilities of the Toronto Stock Exchange at a discount to the prevailing market price, pursuant to exemption orders issued by securities regulatory authorities. In accordance with Toronto Stock Exchange rules, the share repurchase will be taken into account when calculating the annual aggregate limit that CGI may repurchase under its Normal Course Issuer Bid.
Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 68,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services including high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as a wide range of proprietary solutions. With annual revenue in excess of C$10 billion and an order backlog exceeding C$18 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
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