Air Canada-led consortium signs deal to buy Aeroplan program

The deal would acquire the Aeroplan loyalty program from Aimia Inc

A consortium led by Air Canada has reached a deal to acquire the Aeroplan loyalty program from Aimia Inc.

The group, which includes TD Bank, CIBC and Visa Canada Corp., has agreed to pay $450 million in cash and assume approximately $1.9 billion of Aeroplan miles liability.

RELATED: Raccoon delays Air Canada flight by nearly 7 hours

The price is an improvement from an initial offer of $250 million in cash and the assumption of the reward point liability in July that was rejected by Aimia.

The deal, which is supported by Aimia’s board and Mittleman Brothers, Aimia’s largest shareholder, is subject to shareholder approval and other closing conditions.

RELATED: Air Canada union files human rights complaint

Air Canada created Aeroplan as in-house loyalty program, but it was spun off as an independent business as part of a court-supervised restructuring of the airline.

The future of the program has faced questions since Air Canada announced last year that it planned to launch its own loyalty rewards plan in 2020 when its partnership with Aimia expires.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Two wooden play structures in Ponoka set to be removed

No immediate plans to replace playground equipment

Sink hole from rain causes sewer line issue

Affected residents can now safely flush toilets

Bashaw seed cleaning plant holds official opening

New facility operating well since January

Friesian Horse Show celebrates FHANA’s 35th anniversary in style

FHANA’s 35th anniversary “a milestone”

Wind, wet lodging crops in fields

By Ponoka News Staff The rain may help with moisture concerns but… Continue reading

Fashion Fridays: 5 casual summer dress styles

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

A year later, ceremony commemorates victims of the Danforth shooting

It’s the one-year anniversary of when a man opened fire along the bustling street before shooting and killing himself

Ottawa fights planned class action against RCMP for bullying, intimidation

The current case is more general, applying to employees, including men, who worked for the RCMP

Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill

He said the proper venue for the disagreement is Federal Court

Buccaneers pillage Irish 36-0

Central Alberta bounces back after off week against Wolfpack

Sexual harassment complaints soaring amid ‘frat boy culture’ in Canada’s airline industry

‘It’s a #MeToo dumpster fire…and it’s exhausting for survivors’

How much do you know about the moon?

To mark the 50th anniversary of the first lunar landing, see how well you know space

Rain rules Alberta Mens Amateur, forces event to 36 holes

Camrose golfer is the best in the province after last two rounds cancelled

Couple found dead along northern B.C. highway in double homicide

Woman from the U.S. and man from Australia found dead near Liard Hot Springs

Most Read