The Caisse de dépôt et placement du Québec is selling a $700-million stake in Alimentation Couche-Tard Inc. back to the Canadian convenience store giant through a private share buyback agreement, recouping cash that the pension fund manager plans to reinvest in the province.
The buyback deal was prompted by the Caisse’s “periodic portfolio rebalancing,” the two companies said in a joint news release. The Caisse’s head of Quebec, Kim Thomassin, said of Couche-Tard that the pension fund manager has “been a partner of the company for nearly 30 years, and we will continue to support the expansion of this international leader.”
A debate is raging over Canadian pension plans’ domestic investments — and Caisse’s CEO is at the centre of it all
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