MONTREAL -- Air Canada, two banks and Visa Canada say they are offering to buy the Aeroplan loyalty business from Aimia Inc. in a deal valued at $2.25 billion.
The consortium says the transaction would provide continuity for Aeroplan members as well as customers of Air Canada, Toronto-Dominion Bank, CIBC and Visa -- which all have long-standing relationships with Aimia.
Aeroplan's future has been in doubt since Air Canada announced in May 2017 that it planned to launch its own loyalty rewards plan in 2020.
Over the past 14 months, Aimia's stock has fallen to $2.50 as of the close on Tuesday, down from $8.84 prior to Air Canada's departure announcement.
Air Canada created Aeroplan as in-house loyalty program but it was spun off as an independent business, now called Aimia Inc.
TD and CIBC currently offer Visa cards with Aeroplan rewards points, which can be redeemed for Air Canada flights and other merchandise.
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