The Caisse de dépôt et placement du Québec has invested $1 billion in Montreal-based CGI Group Inc., Canada’s largest information technology services company.
The investment comes at the same time CGI announced plans to acquire Logica PLC, based out of the U.K., in a move that would more than double the size of CGI’s workforce and revenue, and place it as the sixth-largest IT player worldwide. The deal is valued at more than $3.1 billion
“This investment is fully aligned with our strategy, which aims to encourage the growth of Quebec companies abroad while generating attractive long-term returns for our depositors,” said Michael Sabia, president and CEO of the Caisse. “On the strength of more than 70 successful acquisitions, CGI’s management team is now writing a new chapter in the company’s history: this acquisition more than doubles its size and positions it very favourably in the markets.”