Consortium Led by Air Canada to Buy Aeroplan
A consortium led by Air Canada announced the signing of a definitive share purchase agreement with Aimia that will allow the group to acquire the Aeroplan frequent flyer program.
The move will allow Air Canada to launch a new frequent-flyer program in July 2020. Once the acquisition is completed, Air Canada will continue to operate the Aeroplan program until that time.
The deal, Air Canada said, “will facilitate a smooth transition to our new loyalty program launching in 2020, safeguarding all Aeroplan Miles and providing convenience and value for millions of Canadians.” The consortium includes the Toronto-Dominion Bank, the Canadian Imperial Bank of Commerce, and Visa Canada. Aimia is the current owner of the Aeroplan loyalty program and its related operations. Members of the consortium also entered into credit card loyalty program and network agreements that will allow them to participate in the new Air Canada frequent flyer program in 2020 and beyond. Air Canada also said it is in negotiations with American Express to secure its continued participation.
by Dan Booth
