07:41 AM EDT, 07/23/2024 (MT Newswires) -- Alimentation Couche-Tard ( ANCTF ) on Tuesday said it agreed with Caisse de Depot et Placement du Quebec (CDPQ) to buyback 8.7 million common shares held by CDPQ at $80.50 per share, for $700 million in total.

The price is a 3% discount to the July 22 closing price of the shares on the Toronto Stock Exchange and will be paid using Couche-Tard's cash on hand.

The repurchase will be part of CDPQ's periodic portfolio rebalancing. Once completed, CDPQ will hold 3.5% of Couche-Tard's outstanding shares.