It was on again, and off again, but it’s the last hoop before it becomes official. Shareholders at Aimia have approved Air Canada’s $450-million final offer to purchase Aeroplan–a move that brings the loyalty program back home since it was spun off in 2002.
“The Transaction was approved by holders representing 96% of Aimia’s common shares and preferred shares who voted on the Transaction on a combined basis,” said a press release issued by Aimia.
In the deal, Air Canada will assume $1.9 billion in liabilities, with Toronto-Dominion Bank and Canadian Imperial Bank of Commerce paying the airline approximately $1.2 billion. Visa Canada will work with TD and CIBC to offer co-branded credit cards, and will also pay an undisclosed amount.
The transaction is expected to close in the coming days, subject to all shareholder and regulatory approvals being signed off.
Air Canada will reveal details on transition plans, branding, and credit card partnerships later this year, with the program launching in July 2020.