The Caisse de dépôt et placement du Québec is taking profits on its investment in IT company CGI.
It will reduce its holding in CGI by 9,962,660 shares. Once completed, the Caisse will hold approximately 18.7% of the outstanding shares.
The company’s stock has jumped 77% on a year-to-date basis.
“CGI’s solid performance and flawless integration of Logica have generated an exceptional return on our investment,” says Michael Sabia, president and CEO of the Caisse, adding that it intends to remain a large shareholder in CGI. “The timing is right to capture a small portion of it for our depositors.”
As part of the transaction, CGI will purchase 25% of the shares being sold. The transaction is expected to close on or about November 29.
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