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Air Canada agrees deal to buy back Aeroplan loyalty program
Air Canada has secured a deal to buy back the Aeroplan loyalty program.
An Air Canada backed consortium will purchase Aeroplan for $450 million in cash and honor the nearly $2 billion worth of flight rewards accumulated by the program’s members.
Current owner Aimia had previously declined an initial cash bid of $250 million.
Air Canada has joined with TD Bank, CIBC and Visa Canada Corp in the acquisition.
"We are pleased to see that an agreement in principle has been reached as Aeroplan members can continue to earn and redeem with confidence," Air Canada chief executive Calin Rovinescu said.
The deal is expected to complete in the fall.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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