Air Canada is teaming up with three financial services giants to try to buy its former loyalty program, Aeroplan, from its current owner.
Air Canada, Toronto-Dominion Bank, CIBC and Visa made the announcement Wednesday they want to buy Aeroplan from Aimia, in exchange for taking over the liability of $2 billion worth of outstanding Aeroplan points, plus $250 million in cash.
The airline announced last year it would soon be ending its 30-year partnership with Aeroplan, a development that sent the parent company’s stock price tumbling and scrambling for new partners.
Air Canada started Aeroplan as its loyalty program in 1984. It was sold off in an initial public offering in 2005, when Aimia was formed.
Read full story here: Air Canada, CIBC, TD And Visa Offer To Buy Aeroplan | CBC News
