Air Canada and three financial institutions propose to acquire Aimia's Aeroplan loyalty business

26 July, 2018

Air Canada, the Toronto-Dominion Bank (TD), Canadian Imperial Bank of Commerce (CIBC) and Visa Canada proposed (25-Jul-2018) to acquire Aimia's Aeroplan loyalty business for approximately CAD2.25 billion (USD1.72 billion), including CAD250 million (USD191.7 million) in cash and the assumption of approximately CAD2 billion (USD1.5 billion) of Aeroplan points liability. The companies noted the proposed transaction will ensure value and continuity for their members, and allow a smooth transition of Aeroplan members' points to Air Canada's new loyalty programme launching in 2020. The parties requested a prompt response from Aimia regarding the proposal, which has an expiry date of 02-Aug-2018. Air Canada, TD, CIBC and Visa stated they are committed to engaging with Aimia's board. [more - original PR - English/French]