By Adriano Marchese

Bank of Montreal has agreed to acquire AIR MILES Reward Program business from a subsidiary of Loyalty Ventures Inc. for an undisclosed sum.

The Canadian bank and LoyaltyOne Co. said in a joint statement on Friday that the acquisition of the reward program business has been proposed as part of LoyaltyOne's proceedings under the Companies' Creditors Arrangement Act which was begun in Ontario's Superior Court of Justice.

BMO was a founding partner of the AIR MILES program which launched in 1992 and has nearly 10 million active collector accounts.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

March 10, 2023 07:31 ET (12:31 GMT)

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