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MONTRÉAL, Feb. 18, 2025 (GLOBE NEWSWIRE) -- CDPQ today announced its intention to sell 2,500,000 common shares of Intact Financial Corporation (TSX: IFC), representing approximately 1.4% of the issued and outstanding common shares of Intact as of February 18, 2025.
The common shares are being sold at a gross price of $278.60 per share, which has been underwritten by CIBC Capital Markets and National Bank Financial. CDPQ expects to receive gross cash proceeds of approximately $696,500,000 from the offering.
This transaction is part of CDPQ’s regular portfolio rebalancing. Once the transaction is complete, CDPQ will own approximately 6.6% of Intact’s issued and outstanding common shares, remaining its largest shareholder and Intact continuing as one of CDPQ’s largest holdings in the public markets.
“CDPQ has been a major shareholder of Intact for over fifteen years, during which time our investment in the company has generated significant returns for our depositors,” said Vincent Delisle, Executive Vice-President and Head of Liquid Markets at CDPQ. “This transaction allows us to monetize a portion of these returns while retaining significant ownership in the company, based on our confidence in Intact’s growth prospects, including through several strategic operations based and managed in Québec.”
“CDPQ continues to be a valued partner in Intact’s evolution as a leading global P&C insurer. This transaction enables a significant gain on a portion of one of their largest investments while remaining able to support our growth ambitions,” said Ken Anderson, Executive Vice President and CFO, Intact Financial Corporation. “We have delivered an annualized total shareholder return of 15% over the last 10 years, and we remain well positioned to sustain our track record of outperformance, given the strength of our platforms, our talented team and our clear strategic roadmap.”
ABOUT CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.
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