06:23 AM EDT, 05/28/2024 (MT Newswires) -- CGI (GIB-A.TO, GIB), an IT and business consulting services firm, overnight Monday said that it intends to enter into a private agreement with CDPQ for the purchase for cancellation of 2,887,878 of its Class A subordinate voting shares held by CDPQ for a price of $138.51 per Class A Share, which represents a discount to the closing price on May 27, 2024 of the Class A Shares on the Toronto Stock Exchange.

According to a statement, the transaction will be made in connection with the periodic portfolio rebalancing of CDPQ. Once completed, CDPQ will continue to hold approximately 16.29 million Class A Shares, representing approximately 7.15% of CGI's total outstanding shares.