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

‘Very disrespectful’: Cariboo first responder irked by motorists recording collisions on cellphones

Central Cariboo Search and Rescue deputy chief challenges motorists to break the habit

Next Quesnel Film Club showing is award-winning ‘satirical suspense drama’

The 2019 Palme d’Or-winning film Parasite will be shown Thursday, Nov. 21 at the Carib Theatre

Beaux Arts Bazaar runs until Dec. 24 in Quesnel

Local artists selling one-of-a-kind gifts at Quesnel Art Gallery

BC Cannabis Stores set to open in Williams Lake Nov. 27

BC Cannabis Stores is slated to open for business at 10 a.m. next Wednesday, Nov. 27.

Elderly woman victim of fatal McLeese Lake collision Saturday with semi truck

Witnesses who have not already spoken with police are asked to call traffic services at 250-392-6211

Bye bye Bei Bei: Giant panda born in U.S. zoo heads to China

Panda heads back to China as part of cooperative breeding program

B.C. to advocate for frustrated, confused, unhappy cellphone users, says premier

Maple Ridge New Democrat Bob D’Eith to advocate for more affordable and transparent cellphone options

B.C. man who killed Belgian tourist near Boston Bar gets life in prison, no parole until 2042

Sean McKenzie pleaded guilty to second-degree murder of 28-year-old Amelie Christelle Sakkalis

Daily cannabis linked to reduction in opioid use: B.C. researchers

Researchers looked at a group of 1,152 people in Vancouver who reported substance use and chronic pain

Bids down, costs up on Highway 1, B.C. independent contractors say

Rally protests NDP government’s union-only public construction

Members of little people community applaud change to drop ‘midget’ term

‘It’s not about sensitivity,’ says Allan Redford, the president of the Little People of Canada

Little progress in preventing sudden infant deaths since last report: BC Coroner

Coroners panel studied 141 sleep-related sudden infant deaths between 2013 and 2018

B.C.’s ‘Dr. Frankenstein of guns’ back in jail yet again for trafficking in Glock parts

Bradley Michael Friesen has parole revoked for allegedly importing gun parts yet again

Most Read