AIR CANADA SELLS STAKE IN AEROPLAN TO ONEX
By Adnews Staff
Montreal-based airline Air Canada has formed an agreement to sell a 35% stake in its Aeroplan loyalty program to Onex for $245 million. The Aeroplan program, created 1984, has approximately six million members. Last year the program became a wholly owned subsidiary of Air Canada, generating cash revenues of $600 million. As part of the deal, expected to close at the end of the first quarter of 2003, Air Canada will hold a $200 million note payable by Aeroplan and Onex will hold a $52.5 million note from Aeroplan.
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