Air Canada (AC, Montréal Trudeau) has announced that its acquisition of the Aeroplan loyalty programme from Aimia has been approved by all relevant authorities.

"[The transaction] has cleared regulatory requirements, following the receipt of the required confirmation under the Canada Transportation Act and a "no action letter" issued by the Canadian Competition Bureau," the carrier said.

The transaction is yet to be approved by Aimia's shareholders who will decide on the matter at a special meeting on January 8, 2019.

The finalisation of the acquisition will also trigger a number of other commercial agreements, including credit card loyalty program and network agreements for future participation in Air Canada's new loyalty program.

Air Canada will pay CAD450 million dollars (USD330 million) for Aeroplan and will also assume its CAD1.9 billion dollars (USD1.4 billion) in miles liabilities. In turn, the carrier will receive CAD822 million dollars (USD602 million) from the Toronto-Dominion Bank and the Canadian Imperial Bank of Commerce, plus an undisclosed amount from Visa Canada. Finally, the banks will also pay the carrier CAD400 million dollars (USD293 million) as prepayments towards future monthly payments in respect of Aeroplan miles.