Alimentation Couche-Tard announces agreement to repurchase 10,820,837 common shares
Alimentation Couche-Tard Inc. (“Couche-Tard” or the “Corporation”) (TSX: ATD) announced today that it entered into a private agreement with Caisse de dépôt et placement du Québec (“CDPQ”), for the repurchase for cancellation of 10,820,837 common shares of Couche-Tard held by CDPQ at a price of CAD
The repurchase will be made in connection with the periodic portfolio rebalancing of CDPQ. Once the repurchase is completed, CDPQ will hold approximately 41.5
“This transaction is consistent with our opportunistic approach in regard to our share repurchase program and broader capital allocation priorities and represents a distinct opportunity to create shareholder value. Our healthy balance sheet and strong financial position, highlighted by our low leverage ratio, allows us to be well-positioned for opportunities like this to deploy excess cash on-hand and take advantage of attractive financing rates through our US Commercial Paper Program” said
Filipe Da Silva, Chief Financial Officer.
“Once again this year, Alimentation Couche-Tard has outperformed for its shareholders. CDPQ is a long-standing investor, and we plan to maintain our commitment as the company continues to grow, for the benefit of our
depositors,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ. “In this transaction, CDPQ will be monetizing a portion of its investment in order to reinject funds into Québec-based businesses while remaining one of the main shareholders of this multinational leader of the convenience store sector. Our stake in Couche-Tard is now valued at CAD 2.8 billion.”
A favorable decision was obtained from the Autorité des marches financiers to exempt Couche-Tard from issuer bid requirements under applicable securities legislation applicable to the transaction, which will be made at a discount in accordance with the
The share repurchase will be made in connection with the Corporation's normal course issuer bid (“NCIB”) commenced on May
Information regarding the share repurchase, including the number of shares repurchased and aggregate repurchase price paid, will be available on SEDAR at www.sedar.com following the completion thereof. Couche-Tard will not issue any additional press release announcing the completion of this share repurchase.
Forward-Looking Statements
Certain statements in this press release may constitute forward looking statements within the meaning of securities legislation, including those with respect to the closing and the anticipated benefits of the repurchase transaction. Positive or negative verbs such as "believe”, “can”, “shall”, “intend”, “expect”, "estimate”, “assume” and other related expressions are used to identify such statements. Such statements are based upon the current beliefs and expectations of Couche-Tard and are subject to significant risks and uncertainties outside of Couche-Tard's control. Couche-Tard would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated in or underlying these statements, or could have an impact on the degree of realization of a particular projection. Unless otherwise required by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of the
À propos d’Alimentation Couche-Tard inc.
Couche-Tard est un leader global de l'industrie du commerce de l'accommodation et de la mobilité, opérant dans 25
Pour plus de renseignements sur Alimentation Couche-Tard inc., ou pour consulter ses états financiers consolidés annuels audités, ses états financiers consolidés intérimaires non audités et son rapport de gestion, rendez-vous à l’adresse
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Jean-Philippe D. LachanceVice President, Investor Relations & Treasury450-662-6632, poste 4619