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.
Shared from The Canadian Business Journal
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