Air Canada (AC, Montréal Trudeau) has finalised the acquisition of the Aeroplan loyalty programme from Aimia after the shareholders of the company had approved the sale on January 8, 2019, the Financial Post has reported.
Subsequently, The Toronto-Dominion Bank has confirmed that as of 2020, it will become the primary credit card partner for the programme. CIBC bank will also become a partner of the programme and will issue branded credit cards. The consortium of buyers also includes Visa Canada.
Aimia earned CAD497 million dollars (USD375.9 million) from the transaction, which it used mostly to repay its debt. Air Canada also assumed around CAD1.9 billion dollars (USD1.4 billion) in mile liabilities.
Air Canada has said that it will recognise miles accrued to date and until the completion of the takeover on a one-to-one basis. Around 1,500 employees currently handling Aeroplan at Aimia will be transferred to the carrier.
Aimia continues to own 48% of Aeroméxico's loyalty programmes and 20% of AirAsia Group's Think Big programme.
