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Air Canada is partnering with three financial services giants to try to buy its old loyalty program, Aeroplan, from its current owner.
Air Canada, The Toronto-Dominion Bank, CIBC and Visa announced on Wednesday that they would like to purchase Aeroplan from Aimia, in exchange for taking over $ 2 billion worth of Aeroplan Points in circulation, plus $ 250 million. dollars in cash
The airline announced last year that it would soon end its 20-year partnership with Aeroplan.
Air Canada launched Aeroplan as a loyalty program in 1984, before selling it as part of an initial public offering in 2008, when Aimia was created. .
Aimia has since diversified As part of other loyalty programs, its primary stake is still Aeroplan.
Aimia is valued at approximately $ 472 million on the TSX (depending on where the stock traded before Wednesday's announcement). A third of what the company was worth last summer when Air Canada announced its departure.
The airline recently announced its intention to launch its own frequent flyer program from scratch, and Wednesday's offer seems to be part of it. would convert Aeroplan members and points to the new Air Canada program. According to a press release, Air Canada and its partners plan to launch the program in 2020.
Aimia shares jumped 44% to $ 3.52 action at the opening Toronto Stock Exchange Wednesday morning.
and CIBC offers Visa credit cards that allow users to earn Aeroplan Points for use, so that the financial partners of the transaction also have a vested interest in the future. # 39; Aeroplan.
However, time flies. Air Canada and its financial partners say their offer requires a response by August 2nd. Aimia is expected to announce its latest quarterly results the next day
. Last weekend, Aeroplan unveiled its own vision of its future charter flights and operates as a travel agency.
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