CDPQ to Sell 2,312,000 Common Shares of Intact Financial Corporation
February 26 2024 - 4:33PM
CDPQ announced today that it will sell 2,312,000
common shares ("Common Shares") of Intact Financial Corporation
(TSX: IFC) representing approximately 1.3% of the issued and
outstanding Common Shares of IFC as of February 26, 2024 (the
“Offering”).
The Common Shares are being sold on an
underwritten block trade basis at a gross price of $227.10 per
share, which has been underwritten by CIBC Capital Markets and BMO
Capital Markets (the “Underwriters”).
CDPQ has also granted the Underwriters an
option, exercisable at any time, in whole or in part, at the
offering price until February 28, 2024, to purchase up to an
additional 15% of the number of Common Shares purchased in
connection with the Offering (the “Option”).
CDPQ expects to receive gross cash proceeds of
approximately $525,055,200 from the Offering ($603,813,480 if the
Option is exercised in full).
The transaction is a result of CDPQ’s periodic
portfolio rebalancing. After giving effect to the trade, CDPQ will
continue to hold approximately 8.9% of the issued and outstanding
Common Shares of IFC.
Following this transaction, CDPQ remains a key
shareholder of Intact. “CDPQ has been there as partner supporting
major acquisitions for Intact over the past several years, and we
continue to have confidence in its growth
prospects,” said Vincent Delisle, Executive
Vice-President and Head of Liquid Markets at CDPQ.
“Intact produces excellent results for its shareholders and this
transaction is an opportunity to monetize a portion of our
investment to the benefit of our depositors”.
“CDPQ continues to be a valued partner in
Intact’s evolution as a leading international P&C insurer, and
will remain our largest shareholder following this transaction,”
said Louis Marcotte, Executive Vice President and CFO, Intact
Financial Corporation. “We have delivered an annualized total
shareholder return of 14% over the last 10 years, and we remain
well positioned to sustain our track record of outperformance,
given the strength of our platforms, the talent at our disposal,
and a clear strategic roadmap.”
ABOUT CDPQ
CDPQ invests constructively to generate
sustainable returns over the long term. As a global investment
group managing funds for public pension and insurance plans, CDPQ
works alongside its partners to build enterprises that drive
performance and progress. CDPQ is active in the major financial
markets, private equity, infrastructure, real estate and private
debt. As at December 31, 2023, CDPQ’s net assets totalled CAD 434
billion. For more information, visit www.cdpq.com, consult our
LinkedIn or Instagram pages, or follow us on X. CDPQ is a
registered trademark owned by Caisse de dépôt et placement du
Québec and licensed for use by its subsidiaries.
CDPQ is a registered trademark owned by Caisse
de dépôt et placement du Québec and licensed for use by its
subsidiaries.
This press release is not an offer of securities
for sale in the United States. The Common Shares have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold in the United States unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
For further information:
KATE MONFETTE CDPQ Director, Media Relations + 1 438 525-2520
kmonfette@cdpq.com
Intact Financial (TSX:IFC)
Historical Stock Chart
From Nov 2024 to Dec 2024
Intact Financial (TSX:IFC)
Historical Stock Chart
From Dec 2023 to Dec 2024