Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
1-min read

Air Canada, Partners Buy Aeroplan Loyalty Program

Air Canada invented Aeroplan more than three decades ago to reward frequent flyers, but later spun it into a separate company.

AFP Relaxnews

Updated:August 22, 2018, 9:50 AM IST
Air Canada, Partners Buy Aeroplan Loyalty Program
Representative image. (Image : AFP)

Air Canada led a consortium of banks in buying back Canada's leading loyalty program Aeroplan, and said on Tuesday it plans to roll it into its own points card.

"We are pleased to see that an agreement in principle has been reached as Aeroplan members can continue to earn and redeem with confidence," Air Canada chief executive Calin Rovinescu said on behalf of the consortium.

The purchase of Aeroplan, he added, "would allow for a smooth transition to Air Canada's new loyalty program launching in 2020, safeguarding their miles and providing convenience and value for millions of Canadians."

Air Canada, the Toronto-Dominion (TD) bank, Canadian Imperial Bank of Commerce (CIBC) and Visa Canada offered to buy Aeroplan from its parent Aimia for Can$450 million (US$345 million) in cash and assuming Can$1.9 billion reward points liabilities.

This follows a hostile takeover bid in July for significantly less.

In recent weeks, Aimia signed deals with a handful of airlines in an effort to rebuff Air Canada.

The current tentative deal, however, is supported by Aimia's board and largest shareholder, Mittleman Brothers, which has a 17 percent stake. A shareholder vote on the offer will be scheduled in the fall.

Air Canada invented Aeroplan more than three decades ago to reward frequent flyers, but later spun it into a separate company.

Last year Air Canada announced it would terminate its partnership with Aimia in 2020 and create its own loyalty program.

TD and CIBC are Aeroplan's biggest customers, both offering credit cards that allow clients to accumulate points that can be used to book flights.

| Edited by: Manila Venugopal
Read full article
Next Story
Next Story

Also Watch


Live TV

Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results