05:49 AM EDT, 05/28/2024 (MT Newswires) -- CGI (GIB) said Monday it plans to enter into a private agreement to repurchase for cancellation about 2.9 million of its class A subordinate voting shares from CDPQ for $138.51 per share.

The repurchase will be made in connection with the periodic portfolio rebalancing of CDPQ, the company said.

Once the deal is completed, CDPQ will continue to hold about 16.3 million class A shares, or about 7.15% of CGI's total outstanding shares. The transaction is expected to settle on Wednesday.

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