Air Canada, et al, Acquire Aeroplan
CBJ — A business group 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 nearly $2 billion in liability associated with Aeroplan miles that customers have accumulated.
The price is up 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 is expected to close this fall.