CDPQ Expands Share Sale in Intact Financial Stake
Deal News | Feb 19, 2025 | CDPQ
CDPQ, a noted private equity firm, has announced an enlarged sale of its stake in Intact Financial Corporation. Originally planned to be smaller, the sale now includes 3,577,000 common shares, which represents about 2% of Intact's issued and outstanding common shares as of February 19, 2025. The shares are being sold at a gross price of $278.60 each, bringing the total expected proceeds to approximately $996.55 million. This transaction is underwritten by CIBC Capital Markets and National Bank Financial.
Sectors
- Private Equity
- Financial Services
- Investment Banking
Geography
- Canada – CDPQ and Intact Financial Corporation are both based in Canada, and the transaction involves Canadian companies and financial markets.
Industry
- Private Equity – CDPQ is a private equity and investment firm engaged in asset management and transaction activities.
- Financial Services – Intact Financial is part of the financial services industry, as it provides insurance and related financial products.
- Investment Banking – CIBC Capital Markets and National Bank Financial are underwriting the share sale, indicating their role in financial advisory and investment banking.
Financials
- $278.60 – Gross price per share for the sale of Intact Financial Corporation common shares.
- 3,577,000 – Number of common shares being sold in the transaction.
- $996,552,200 – Expected gross cash proceeds from the share sale.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CDPQ | Selling Company | Company | CDPQ (Caisse de dépôt et placement du Québec) is a prominent institutional investor that manages public and para-public pension plans in Quebec. |
| Intact Financial Corporation | Target Company | Company | Intact Financial Corporation is a Canadian insurance company, specializing in property & casualty insurance. |
| CIBC Capital Markets | Underwriter | Company | Investment banking division of CIBC, involved in underwriting the sale of shares. |
| National Bank Financial | Underwriter | Company | Canadian-based financial services provider involved in this transaction as an underwriter. |