By Colin Kellaher
Aimia on Monday said the sale of Aimia Canada, which owns and operates the Aeroplan loyalty program, to Air Canada 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, 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 email@example.com