Aimia Accepts $450m Offer for Aeroplan

Loyalty analytics company Aimia has agreed to sell its Aeroplan business to a consortium led by the business's original owner Air Canada, for $450m in cash, plus the assumption of approximately $1.9bn of Aeroplan Miles liability.

Last month, Aimia received and rejected a $250m cash offer for Aeroplan from the consortium. The revised bid - from Air Canada, TD, CIBC, and Visa - was unanimously approved by Aimia's Board of Directors and is expected to complete in the fall. Aimia says the transaction will deliver 'significant value' to its stakeholders.

Calin Rovinescu (pictured), President and CEO of Air Canada, said on behalf of the consortium: 'We are pleased to see that an agreement in principle has been reached as Aeroplan members can continue to earn and redeem with confidence. This transaction, if completed, should produce the best outcome for all stakeholders, including Aeroplan Members, as it would allow for a smooth transition to Air Canada's new loyalty program launching in 2020, safeguarding their miles and providing convenience and value for millions of Canadians'.

Web site: www.aimia.com .