Air Canada closing in on Aeroplan loyalty program acquisition
Air Canada is homing in on its planned takeover of Aimia Inc., operator of loyalty program Aeroplan.
The airline has entered into a definitive share purchase agreement to acquire Aimia, along with partners, the Toronto-Dominion Bank, CIBC and Visa.
Each of these partners has signed separate co-branded credit card loyalty program tie-ups with Air Canada which are all dependent on the deal going through.
"Subject to closing the purchase transaction, these agreements will produce the best outcome for our customers as well as those of our partners to our new loyalty program launching in 2020," said Calin Rovinescu, president and CEO of Air Canada.
The deal is worth $450 million in cash and about $1.9 billion worth of Aeroplan Miles liability.
The acquisition is still subject to Aimia shareholder approval.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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