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Aimia to sell Aeroplan
By Adnews Staff
Aimia of Montreal has reached an agreement in principle to sell its Aeroplan loyalty program to a group of buyers consisting of Air Canada, TD Bank, CIBC and Visa Canada. The purchase price consists of $450 million in cash and the assumption of approximately $1.9 billion worth of outstanding Aeroplan loyalty points. The transaction, which remains subject to shareholder approval, is expected to close in the fall.
"We are pleased to see that an agreement in principle has been reached as Aeroplan members can continue to earn and redeem with confidence," said Calin Rovinescu, president and CEO of Air Canada. "This transaction, if completed, should produce the best outcome for all stakeholders, including Aeroplan members, as it would allow for a smooth transition to Air Canada's new loyalty program launching in 2020, safeguarding their miles and providing convenience and value for millions of Canadians."