CGI completes US$100 million share buyback

On November 29, 2013, CGI Group Inc. completed the buyback of 2,490,660 Class A subordinate voting shares from la Caisse de dépôt et placement du Québec. The shares were repurchased at a price of $40.15 per share for an aggregate price of approximately $100 million. The buyback was completed as part of the rebalancing of the Caisse’s investment portfolio whereby the Caisse sold 9,962,660 Class A subordinate voting shares in CGI and therefore reduced its holdings to approximately 18.7% of the outstanding shares in CGI. A favorable decision was obtained from the Autorité des marchés financiers du Québec to exempt CGI from the issuer bid requirements under applicable securities legislation in connection with the transaction. Founded in 1976, CGI is the fifth largest independent information technology and business process services firm in the world. Fasken Martineau acted as legal counsel to CGI with a team that included Robert Paré, Jean Michel Lapierre and Joëlle El-Féghali.