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11-Jan-2019 7:14 AM

Air Canada completes purchase of Aimia Canada

Air Canada and Aimia announced (10-Jan-2019) the completion of Air Canada's purchase of Aimia Canada from Aimia. Air Canada president and CEO Calin Rovinescu said the airline is "now able to provide confirmation to Aeroplan members that their existing Aeroplan Miles will be honoured on a one-to-one basis" in the airline's new programme, expected to launch in 2020. Air Canada noted 'Altitude Status' and privileges will remain unchanged for its passengers, adding credit card loyalty programme and network agreements have been completed with the TD Bank, the Canadian Imperial Bank of Commerce and Visa Canada. The airline also entered an in principle agreement with American Express for the company's continued participation in the loyalty programme after 2020. Aimia stated gross transaction proceeds at completion of the purchase were approximately CAD497 million (USD376 million), with closing adjustments of CAD47 million (USD36 million). Aimia will not expect any capital gains tax to be payable on the transaction. The transaction's final purchase price is subject to certain adjustments. [more - original PR] [more - original PR - English/French]

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