An Air Canada-led consortium has completed the acquisition of Aimia Canada, operator of the Aeroplan loyalty programme from Aimia for a cash consideration of $450m along with $47m in pre-closing adjustments.

The consortium also includes Visa Canada, Toronto-Dominion Bank (TD) and Canadian Imperial Bank of Commerce (CIBC).

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The terms of the deal, which was initially proposed in July and inked in November last year, also covered assumption of the Aeroplan Miles liability.

Following the completion of the acquisition, the consortium members finalised multiple commercial agreements.

These deals included credit card loyalty programme and network agreements for future participation in Air Canada’s new loyalty programme, which is set to be launched next year.

Furthermore, Air Canada has signed an agreement in principle with American Express Canada for continued participation in its loyalty programme.

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The company received a payment of $822m from TD and CIBC, along with an undisclosed amount from Visa. Payment from American Express will be obtained after completion of the respective agreement.

TD and CIBC also paid $400m to Aimia Canada as prepayments towards future monthly payments for Aeroplan Miles.

Air Canada president and CEO Calin Rovinescu said: “With today’s purchase of Aeroplan, we are taking a major step forward on this transformational initiative by acquiring one of Canada’s most popular loyalty programmes.

“Finally, with today’s transaction, customers will have certainty that they can continue to earn and redeem Aeroplan Miles confident that their existing Air Canada Altitude status and privileges are secure.”

Air Canada’s new loyalty programme is set to feature rewards for its flights, access to travel on more than 40 partner airlines, credit cards by TD, CIBC and American Express and additional reward points.