Aimia: Sale of Aimia Canada to Air Canada Clears Regulatory Requirements
December 24 2018 - 7:41AM
Dow Jones News
By Colin Kellaher
Aimia Inc. (AIM.T) on Monday said the sale of Aimia Canada,
which owns and operates the Aeroplan loyalty program, to Air Canada
(AC.T) has passed regulatory muster and is expected to close next
month.
Air Canada last month agreed to buy Aimia Canada for 450 million
Canadian dollars (US$331 million) in cash, plus the assumption of
about C$1.9 billion of Aeroplan Miles liability.
As part of the deal, Toronto-Dominion Bank (TD.T, TD), Canadian
Imperial Bank of Commerce (CM.T. CM) and Visa Inc. (V) agreed to
support the acquisition and participate in Air Canada's new loyalty
program.
Air Canada on Monday said it is still in talks with American
Express Co. (AXP), which also issues Aeroplan co-branded products,
to secure its continued participation in the program after
2020.
Aimia shareholders will vote on the deal at a special meeting on
Jan. 8.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 24, 2018 08:26 ET (13:26 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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